The Real Estate Market in 2020
With the start of the new year comes opportunities for home buying and selling. Prospective buyers and sellers alike are wondering what 2020 has in store for real estate. The housing market frenzies of 2017 and 2018 were followed by a slowdown in 2019, but what does 2020 have in store? Here are the key real estate market predictions for this year:
- The inventory shortage of houses will prevail in 2020, with overall buyer demand remaining high. Because of this, the market will be a bit slower and more competitive, with buyers scooping up available inventory as soon as they can.
- Millennials will be the top home buyers, taking over 50% of all mortgages.
- The price growth for homes will flatten, resulting in a small decline in sales of existing homes.
- Leveling growth. The home value and rent growth will be slow and steady. They are expected to grow by about 2.8% in 2020.
- Mortgage rates will remain low for most of 2020, which will fuel the demand.
- Affordability will be a priority. With more Millennials entering the housing market, expect affordability to be important. The shift toward affordability and modest square-footage will continue into this coming year. Baby Boomers are retiring and seeking lower costs of living and Millennials are searching for family-friendly, affordable housing.
The Bottom Line
For buyers: Buyers in 2020 will have some opportunities, especially for mid-sized and high-end markets. Despite low mortgage rates first-time homebuyers will still struggle to find affordable options due to limited entry-level inventory.
For sellers: Due to flattening price growth and slower activity, selling in 2020 requires patience and thoughtfulness. Those selling entry-level priced homes can hold a firm price in a competitive market. However, houses at the higher price range will take longer to sell and require some incentives to close the deal.
Whether you are buying, selling, or just upgrading your home this year, Chimney and Masonry Outfitters is here to help you. We will handle all of your fireplace, chimney, and masonry maintenance and repairs so that your home is ready for the 2020 market. Learn more about how our experienced masons will preserve the beauty and safety of your Indianapolis home by contacting us at 317-500-1250 or firstname.lastname@example.org to set up an appointment.