The challenges that 2020 has brought upon us are ones we never expected. However, with the real estate segment taking a hit in many ways, like many other fields, it is rather surprising to see that median home prices have actually risen. Whether to buy, or sell we have all the information as well as the real estate trends that have come with the year. These will surely keep you up to date and assist in your real estate aspirations and development.
Slow Rising prices
This April home prices rose, a tiny bit but it’s still something. The rise by 0.6% in April came as a disappointment to all, last year the number stood at 45. However, things are looking up and the rate will be rising slowly and steadily. The best thing to do is to list your property, prepare your property, and list it at the right price. However, in today’s market, it is essential to wait for the right offer. Buyers will always stick a low offer and try their luck, discuss with your agent and a third party before accepting or declining.
Low Mortgage Interest Rates
Mortgage interest rates have been following a downward trend and even before the pandemic. In May the mortgage rate dropped to the lowest in over seven years, it stood at 2.69%. Lower rates will motivate buyers to buy, however, when they do increase the result will simply cause a pause as well as may increase the time it will take for one to purchase your property. The most ideal mortgage plan to choose is to go for the conventional 15-year fixed-rate mortgage, this is smart in case rates to increase at some point.
Millennial Home Buyers Are Dominating
This one is about who is don’t the purchasing. Millennials are the majority. What this means? it means you need to know your market and make your listing appeal to them. There are a few simple steps on how one can do this, Upgrade your online listing- the millennials are all about the internet so, upload photos and even a virtual video. Do ensure they are of good quality. Next off, highlight the perks of the property as well as the popular features. Discuss storage, walk-in pantry’s or closets, and differentiating features. These are appealing.