2020 Real Estate Trends: All You Need To Know
Trend# 1: Home Prices Will Rise Slowly with fewer offers If you are keen on the house price in 2018 and 2019, you can bear me witness that home prices made a giant 10% jump. Wow! However, it may be a different story coming year. It's estimated that home prices will rise in 2020 but at a much slower pace while the number of homes for sale is expected to rise with only 2%. What is the reason ? One major contributor is overall economic uncertainty, and another part of the slowdown is due to the high fees titling process that hinders mortgage uptake. The combination is enough to discourage home-buyers who have a desire to purchase a home. However, the market still has eager buyers searching for newly built homes. The good news is, it is estimated that the number of newly constructed homes will increase by 8% in 2020. The bad news is, there will be fewer homes in some areas. Besides the construction companies lacks the manpower to keep up with the increasing demand.