Are you looking to buy, sell or rent a housing property in the United States? Wondering how the market trend is shaping in 2020?
For every homeowner, 2018 and 2019 were quite amazing. The interest rates hit the lowest and for the first time in a long while. For a mere 3.75%, you could buy a home at a 30-year deposit. This wasn’t possible a few years ago. Don’t believe me? Use the free mortgage interest rate calculator from Wells Fargo and see for yourself.
When it comes to buying, selling, or renting a real estate property, it is essential to stay ahead of the game. The people who are always in a strong position to make housing deals, know how to separate fact from fiction. This post is intended to share with you some up-and-coming trends in the housing market.
Here Are the 10 Up-And-Coming Trends in the Housing Market
1) Due to a strong and thriving economy, the housing market is making a comeback. In 2020, more people have high-paying jobs and as a result, the number of people interested in buying a home has surged. – Forbes
2) Housing property located in the cities and metro areas is more likely to grow in value. This is mainly due to the rise in population in the cities. New people are moving in at a speed you can’t imagine. – USNews
3) Gone are days when landlords were skeptical about using their land to build a residential property. Even then, there are fewer homes available for the home buyer as more buyers are competing for fewer homes. –The Wall Street Journal
4) The median home value in the United States is $244,054. The median list price per square foot in the United States is $153. –Zillow
5) According to a real estate expert Susan Wachter, Millennials are now in their peak home-buying years. They are the ones who are interested in investing their hard-earned money home. – Wharton
6) According to a Freddie Mac survey, even the generation Z (the generation following the millennials) is interested in buying a home. They take pride and have strong feelings attached to staying in a home they own – Wharton
7) Over the past year, home values have gone up 3.7%. And this year, the rise is estimated to be somewhere around 2.8%. So a good time to invest in houses. – Zillow
8) There is a rise in home buyers who wish to stay with their partner and children. Multi-family homes are on a decline in the United States. For a home seller, this is good news. This means more people are interested in buying a home. – CNBC
9) Zillow has made a bold prediction stating the United States will not hit a recession in 2020. A lot of people expected this inevitable event but it seems like it was a hoax with no data to back up the claims. – Zillow
10) Zillow made another strange prediction which says that the current Scandinavian home designs will soon go out of style. Old-fashioned American homes with vivid colors to make a comeback. – Zillow
These are the housing trends you might find useful to buy, sell or rent a home in 2020 and beyond. From the points listed above, you must already have picked up that the economy plays a vital role in the housing market. The economy and political stability of a country are interrelated. Hence, the results of the November 2020 election will be a key factor.