Real estate purchase has to be carefully done and to buy a “dream” home one need to save. If not possible, one needs to settle for a less expensive home.
The year 2019 was quite a year for the U.S. housing market as median home prices did go up tremendously. Will 2020 bring more of such results? How will, in fact, the housing market shakeout in the current economic climate? Top real estate developers in Hyderabad, real estate trends 2020, real estate market trends graph have much to say as far as real estate trends are concerned.
Real Estate Trend #1: Home Prices Are Still Rising Slowly
It is better to focus on home prices. On the whole, home prices grew slower in 2019 (3.3%) than in 2018 (5%). This year does appear no different. Real estate gurus do say that home prices will only rise by 2.8% in 2020. Thus it appears home prices do continue to creep up, but the growth will not be so rapid. top real estate developers in hyderabad, real estate trends 2020, real estate market trends do inform us about home purchasing.
What do Higher Prices mean for Sellers?
It is important to wait for the right offer. Some buyers may try to gut punch you with a low number. If you aren’t in a hurry to move, wait for an offer that gives you the most profit. Remember, the less desperate person always has the upper hand when negotiating!
What Higher Prices Mean for Buyers
If a person is going to buy a home in this expensive market, it is important to find out how much house one can afford. It is necessary to be able to handle the monthly mortgage. It is better not to hurry into the purchase of a home. Avoid going in for a home purchase that does not make financial sense as one needs to keep an eye on one’s finances.
How to plan?
- Keep saving.
- Expand one’s search.
Real Estate Trend #2: Mortgage Interest Rates Are on the Decline (for Now)
Mortgage interest rates have been going down in 2019. In 2020, it is expected that the interest rates will stay around 3.7% for a 30-year mortgage and 3.2% for a 15-year mortgage.
What Lower Rates Mean for Sellers
If interest rates remain low, buyers will be more motivated to purchase a home sooner than later. Interest rates do start to increase later in the year. A mortgage is a major commitment.
What Lower Rates Mean for Buyers
Although interest rates are relatively low, in case one is not purchasing with cash, the concerned person can go in for a conventional 15-year fixed-rate mortgage. This way, one would know exactly what the payment will be over the life of the loan.
Real Estate Trend #3: The Majority of Home Buyers Are Still Millennials
Millennials happen to be the lead as the largest group of home buyers last year.
What Do Millennial Buyers mean for Sellers?
Millennials are internet savvy and do their research before house shopping. For example:
1. Upgrade the online listing Virtually all millennials (98%) that make use of the internet for their home search and more than 80% of them found their home on a mobile device last year. Using the internet is essential. It is good to invest in high-quality listing photos, and, for extra measure, consider taking video footage to give them a digital tour of one’s home.
- Highlight perks oversize.
- Know popular features.
What Millennial Buyers Mean for Buyers
- Know what you want.
- Write a letter.
- Hire an experienced pro.
2. From what we can see, the real estate market is not going to crash.
3. Regardless of the neighborhood, buyers are interested.
Top real estate developers in Hyderabad, real estate trends 2020, real estate market trends graph need to be observed.
