Real Estate Market Trends
Thinking of buying a new home in 2020? Let’s talk about real estate trends! Despite the recent pandemic, real estate in Limestone County is still going strong. So if you’re thinking about buying, selling, or staying put here’s a breakdown of the latest real estate market trends.
Real Estate Trend No. 1: Home prices are still on the rise!
There’s no doubt that home prices have grown slowly over the last few years, but they’re still rising. We’ve seen the same in Limestone County, especially as more families relocate to the area and inventory doesn’t meet demand.
So what does this mean for you? Sellers could see nice a nice profit depending on the location and condition of their home. But it’s important to know how your local real estate market is doing. Always be aware of what homes are selling for in your community, especially when the home is similar to yours. You can also request a real estate market report for your community from a real estate agent.
On the other hand, buyers need to be more prepared than ever before. If you’re searching for a home, make sure you know how much home you can really afford and commit to staying within that budget. After all, what does having your dream home mean if you can’t pay the bills?
Real Estate Trend No. 2: Mortgage rates are at an all time low!
Mortgage rates have been on a decline for a while now and with the recent pandemic, they’re lower than ever. The Fed is pushing mortgage rates down and keeping them there to keep the real estate market going strong.
For example, the average rate on a 30-year fixed-rate mortgage rose three basis points to 3.455%, the average rate on the 15-year fixed-rate mortgage was unchanged at 2.972% and the average rate on the 5/1 ARM rose six basis points to 3.230%, according to a NerdWallet survey of mortgage rates published daily by national lenders.
Essentially, now’s a great time to buy!
Real Estate Trend No. 3: Millennials are the driving force behind home sales!
When you’re selling your home, think about the type of person that will buy it. Truth is, it will probably be a Millennial. Anyone born between 1980 and 1998 makes up the Millennial group and they’re reflecting over 37% of homebuyers today.
What does that mean for you? It means that you need to prepare, stage, and sell your listing in a way that appeals to these buyers. Typically, Millennials are very active online, do their research, and love social media. Consider upgrading your online listing, taking high-quality photos of your home, and highlight the perks of the listing and your community.
Do you still have questions? We have answers! Real estate is essential and we’re still working to find that perfect home for our clients. So if you’re in the market to buy or sell, give our team a call!