DELICIOUS
SU
REDDITThe real estate market went through a thick layer of doubt in 2018, unfortunately, that wasn’t the best time for real estate brokers, but in 2019 leading into 2020, we’re confident that it will take a turn, but then again, it can be difficult to tell with the housing market, but in the meantime, here’s a few trends to look out for.
Slow-Rising Prices, Less Offerings
There’s no need to rush your home-buying process because at this very moment, the market is moving slowly and it isn’t predicted to move too much faster. Due to less housing offers and rising prices, affordability for potential home buyers will be a question that’ll end up in the cards.
For the home buyer, it may seem luxurious to have many options, but this means they will only see higher prices, and that’s when affordability will become seemingly impossible due to increasing mortgage rates.
Mortgage Rates Are Rising
Since the housing market is extremely difficult to follow because of its constant shifts, its difficult to mark exactly when and how much they will increase. Right now, mortgage rates for April are forecasted slightly above 4.6% before the beginning of 2020, but rates have been low since the beginning of last year, which is more than 1 year ago.
The most unforgiving thing about mortgage rates is that they sky-rocket, then all of a sudden fall, which causes a risk of people wanting to suddenly buy, but sometimes that’s not the best plan, especially if you want to buy. In cases of buying, sometimes it’s better to retrieve a higher rate than it is a lower one.
Millennial Homebuyers
Millennials are among the many home buyers of 2019, and that goes for whether or not they’ve actually bought homes, or are thinking about investing in them. Millennials are becoming fond of the idea of owning a home, not for the convenience, but because they understand that it’s a good investment. Most millennials are with a partner, not married, and are quite new to the real estate and home-buying process, in other words, they’ll be looking for trustworthy agents to help them throughout their process.
