Wow, we can’t believe it’s already 2020. We are ready for the real estate sales that this year will bring. You may be aware of this, but 2019 was a huge year in the U.S. housing market. Nationally, median home prices went up to $316,000, which is a record high figure. Folks are already talking about the real estate market in 2020 and what this year will bring. Will it be like last year and prove to be a record breaking year? We pulled together some insights into the trends for the 2020 real estate market that you should be aware of.
Trend #1 – Home Prices are Slowly Rising….Still
Home prices are still going up, ever so slowly. This upward movement is nice to see, however last year’s home prices grew slower than the previous year’s growth. This year is expected to be about like last year in terms of the growth in home prices rising. Experts believe that the growth will be somewhere around 2.8% nationally. That means that home prices will continue to creep up higher and higher. This is not a bad thing for buyers even though prices may slowly be going up. This is a sign of a healthy market. Sellers love the possibilities here as there are higher profits on the horizon. You might see lower numbers of offers if you are placing your home on the market due to some buyers being placed out of the market due to the rising costs. You should wait for the right offer, and ensure that your home has a lot of curb appeal compared to others in your market area.
Trend #2 – Mortgage Interest Rates Have Dropped
Since 2019, mortgage interest rates have been dropping at a steady pace for most types of loans. This has made banks have to compete more for your loan. Right now, interest rates are lower than 4%. For a 30 year mortgage expect them to be around 3.7%, and around 3.2% for a 15 year mortgage. We could see the Federal Reserve raise the rates slowly to even out the shifts in the economy that might evolve from tariffs and trade wars, however it shouldn’t be anything too significant. Sellers love seeing this trend as it generates more buyers in the market, increasing the odds that their home for sale will sell quickly. Our Ashe County real estate professionals are ready to assist you with the sale of your property in the area. Give us a call today to discuss the details that you’d like to ensure with your sale.
Trend #3 – Millennial Buyers
It’s not secret that the buyers of most properties right now seem to be from the millennial generation. They make up the largest percentage of home buyers in the country. Millennials are folks with birthdays in between 1980 and 1998, a wide range of years for a generation. This generation is Internet savvy and looking for deals online all the time. They do their research and are usually the first ones to use social media when it comes to, well, pretty much anything. What this means for sellers is that you should ensure that your property’s online presence is well represented. You should make sure that your online listings are upgraded and pushed to various arenas online that will ensure it is seen by this group of buyers. Millennial buyers are less concerned with the size of a home, and more concerned with its carbon footprint and luxury perks. They’ll pay extra for things like laundry rooms, hardwood siding, patio space, garage / indoor storage, and a walk in pantry. If you are a seller and you are thinking of what kinds of upgrades to make to your home before selling, you should think about this list of upgrades that millenials will be looking for most.
Buyers right now should expect that the market is filled with others like them. If you are looking for a family home with three bedrooms in a central location with nice perks added, expect a great deal of competition when it comes to your offers that you are making. When you keep this in mind you are guaranteed to be the top offer winner when there are a lot of other like-minded buyers in the same market as you.
We are a bit more insulated from national trends, being in a remote, mostly resort area of the Blue Ridge Mountains. We are surrounded by the wilderness and all of the best parts of living in a friendly, small town you can get when buying Ashe County Real Estate. Even though it may take a bit longer to notice these trends in our area, it is still worthwhile to be aware of them and that they are at play in our times right now.
If you are a buyer, we can show you our inventory of homes for sale Ashe County NC and help you find the home of your dreams. If you are a first timer, we can coach you through the entire process and help you to know what you should do to make a worthwhile offer in a market that includes many other buyers like yourself. If you are trying to sell your property for your asking price and ensure that it is properly marketed, give us a call so that our experts can handle all of the marketing of your property. We know what it it takes to sell Ashe County real estate.