Real Estate Trends to Look For In 2020
Whether you’re listing a property or plan to buy a home in 2020, you’ll need a clear understanding of the year’s most important developments in real estate. What can you expect as 2019 draws to an end and a new year begins? World-Ranked Broker Terrie Cox, RE/MAX Equity Group, draws on her vast experience and deep knowledge of the Portland, OR and Vancouver, WA real estate markets to offer insight on the top 2020 real estate trends buyers and sellers need to know.
Mortgage Rate Drop
According to financial experts, mortgage rates have been on a steady decline in recent years and are slated to drop even lower in 2020. Specifically, they’re expected to reach
as low as 3.4% in the new year, meaning that buyers can expect significant savings if they finance a new home. This also means that many homeowners will consider refinancing their homes to cash in on the lower rates, creating an overall surge in financial activity in the coming months. Lower interest rates are good news for buyers and sellers alike, increasing purchasing power and expanding the pool of motivated buyers.
The new year will also likely bring with it a generational split in real estate decision-making. For example, many Baby Boomers are nearing retirement age. As a result, they are projected to start downsizing from their larger homes into smaller properties that better suit their needs. Millennials, on the other hand, are predicted to make the move into Hipsturbia communities, a term that describes suburban neighborhoods filled with the amenities and pedestrian-friendly lifestyle of larger cities. These communities are less expensive than their city counterparts, delivering the most bang for Millennial buyers’ bucks.
Digital Real Estate
Speaking of Millennials, as this generational cohort starts making up more and more of the home buying market, the real estate sphere is likely to start catering to the digital experience that they’re used to. While many lenders currently offer paperless mortgage applications, automated income verification, and more, businesses are predicted to begin packaging their technologies together for an even easier, more streamlined process. Plus, pre-existing technologies are likely to undergo continued innovation in 2020, promising a real estate experience with a digital twist.
Luxury Market Gains
According to analyses of luxury home prices over the past few years, luxury listing prices have been slowly but surely decreasing. In fact, these prices are slated to continue their gradual depreciation in 2020, making it a great time to buy. Some of the steepest price drops are forecasted to occur in Seattle, WA, making the Pacific Northwest a particularly great home buying destination over the next year.
Navigate the Trends with Terrie Cox, RE/MAX Equity Group
With these 2020 real estate trends in mind, it’s time to find a knowledgeable Broker who can help you navigate them with confidence. As one of the top Individual RE/MAX Brokers in the world, Terrie Cox has the experience and know-how to guide you to real estate success in 2020 and beyond. If you’re interested in
selling a home in the Portland or Vancouver areas in 2020,
contact Terrie online or call or text 360-607-4100 today.