If the new decade is your time to enter the real estate market, 2020 is off to a promising start. According to industry predictions, a potential rise in interest rates and an increase in home construction are both anticipated this year.
However, many analysts warn that initially positive market forecasts could end up falling short of certain benchmarks. Here are three trends to watch out for in 2020.
Millennials Finally Settle
What’s been rumored for some time is finally expected to happen this year: Lucrative millennial homebuying. Buyers between 30 and 40 are expected to invest in residential neighborhoods with decently sized homes, low crime rates and good schools.
Although this means hefty down payments and high interest rate mortgages, this generation now has the money and is looking to invest.
Suburbia Offers Affordability
The high cost of living in big city markets, including New York, San Francisco and Los Angeles, has proven unrealistic for the average family. Yet the smaller communities outside these cities are looking more appealing, particularly to young people looking for stability and affordability.
Living in proximity to a big city offers similar amenities, without the expense. These areas also have attractive job opportunities for those ready to make a 15 to 30-year investment.
Tech Will Grow
With a new audience entering the real estate market, lenders and sellers need to stay current with technology to meet consumer demands. The cumbersome paper process to apply for a mortgage will gradually be phased out in favor of flexible digital options.
Are you ready to buy property? Work with the professional team at By Carrier to find the perfect home for your lifestyle and budget. Explore By Carrier’s active communities today!