HOUSING TRENDS IN 2020

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The year 2020 is still not ending but this has been a challenging year. There is so much going around in our country. Our economy is taking a major effect. But in this whole chaos, you might be wondering how this Coronavirus crisis is impacting housing trends. How will the housing market shakeout in the current economic crisis?

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HOUSING TRENDS IN 2020:

HOUSING TRENDS IN 2020 By Bivocalbirds family bivocalbirds.com

SIGNIFICANCE :

SIGNIFICANCE The year 2020 is still not ending but this has been a challenging year. There is so much going around in our country. Our economy is taking a major effect. But in this whole chaos, you might be wondering how this Coronavirus crisis is impacting housing trends. How will the housing market shakeout in the current economic crisis? So, the Bivocalbirds family came with the 2020 housing trends you need to know, whether you are selling, buying, or staying put. Let’s start with the most wanted trend that is home price trends…

TREND 1: Prices Of Homes Are Still Growing Slowly:

TREND 1: Prices Of Homes Are Still Growing Slowly In April 2020, the home prices grew by 0.6% compared to last year. That was a nearly 4% reduced growth rate as in March. It bounces back within the third week of May as home prices come back up to a 3% growth rate even within the craziness of the coronavirus and market uncertainty. So, there is hope for the chance that home prices will be regaining some of its momenta. Real estate experts believe that the home prices will return up to 4% growth overall in 2020. So, it’s likely you might see home prices continue to sneak up, but their growth will slow. They probably won’t knock you off with rapid growth as we have seen in previous years.

TREND 1: Prices Of Homes Are Still Growing Slowly…:

TREND 1: Prices Of Homes Are Still Growing Slowly… For sellers, It might be a nice profit horizon. But be mindful as there are a lot of buyers which are being priced out of the market at the moment which might result in fewer offers for your home. So, it will be good to be aware of your competition and make your house stand out from similar ones in your area. Work with real estate agents of your area or with Bivocalbirds to prepare your home for potential home buyers. They will help you to list your home at the right price. For buyers, It might be an expensive horizon. Do research and stick within your budget. You can take advantage of the seller’s competition. If you are preparing to buy, here are few options to consider like keep saving, you have to sacrifice some want, and lastly expand your search.

TREND 2: Mortgage Interest Rates Are Super Low:

TREND 2: Mortgage Interest Rates Are Super Low This rate has been low even before the pandemic. But in May, the average interest rate for a conventional mortgage was seen to drop to 2.69% which is the lowest it’s been in over seven years. Our India’s economist geeks say that it will continue to remain low until the economy is close to normal again.

TREND 2: Mortgage Interest Rates Are Super Low…:

TREND 2: Mortgage Interest Rates Are Super Low… For sellers, It will benefit them as interest rates are staying low then the buyers will be more inclined to buy your house sooner than later. But if by chance rates start to increase later in the year then just plan for your house to remain in the market a little longer. For buyers, Our suggestion is that, be smart and go for a conventional mortgage even when though interest rates are super low. It will beneficial than the interest that comes with rip-off as you will pay it off faster.

TREND 3: Majority Of Millennial Home Buyers:

TREND 3: Majority Of Millennial Home Buyers That’s correct, millennials once again took the first place as the largest group i.e., 38% of home buyers. If you are thinking who are millennials? Then, technically they are the people who are born between the years 1980 and 1998.

TREND 3: Majority Of Millennial Home Buyers…:

TREND 3: Majority Of Millennial Home Buyers… For sellers, Here are the three crucial words ‘Know your buyer’. Millennials are internet savvy. Here are tips for you on how to gain an interest in them. First, you have to upgrade your online listing, highlights perk oversize and lastly know popular features millennials want. For buyers, You can expect a lot of competition if you want a 3bhk or single-family home in the suburban district. Here are the few tips you might need to consider to reprioritize what you want in your dream house. Such as, you should know what you want, or you can also try writing a letter with your offer to the sellers or you can hire an experienced professional like Bivocalbirds . That will save you from stressing out by trying to buy on your own.

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I hope this content will help you even in the tiniest bit. Do follow and connect with Bivocalbirds to know more information related to real estate THANKS FOR WATCHING… STAY SAFE

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