If you are planning on buying a house in 2020 we want to make sure that you are prepared. With the close of 2019, last year was huge for the housing market. Housing prices went to a record high coming in at $316,000. If you’re wondering if we are going to continue in the same trend pattern or if it will take a turn, we have you covered for the 2020 real estate trends.
Up And Up They Go
As the market continues to grow home prices don’t seem to be stopping their slow upward climb. In 2019 while slow, the prices for houses continued to rise at about 3.3% than the previous year in 2018. This coming year shows no difference, real estate gurus are predicting that home prices will continue to rise at a steady 2.8%. However, it won’t be as fast as the rise that we have seen in prior years.
Is This Good News For Sellers?
Sellers could be in for some nice profit after their home sells, but some houses are being priced way over the market than what they are actually worth causing them to sit longer and longer on the market. To tackle this beware of the competition you have like most retailers you’re not alone in this real estate market and to price competitively is in your best interest. You should prepare to work with a real estate agent to help you best list your home at the proper price.
Great For Sellers, But What About Buyers?
For buyers, many can get in over their heads not knowing what they can really afford. A free mortgage calculator can help you to put what you can realistically spend without putting yourself in hot water. Your ideal situation is to put at least a 10% down payment while getting into a 15-year-fixed-rate conventional loan. If you’re prepared to buy and are able to be committed to a budget then you should think about these things:
Make Sure You Have The Savings
If you’re able to stay both focused and motivated for your home-owning goal then you should be able to save for at least a five-figure down payment in as short as the coming year.
Sacrifices Are Crucial
So the house of your dreams may not exactly be in your budget right now but, this is when you can buckle down and make some changes. Make a list of “Must-Haves” and “Nice-to-Haves”. If you can find a non-expensive home then as you work and save you can slowly start to upgrade that property, which in the long run if you decide to sell will only increase your property value.