Home Buying and Selling Trends of 2020
Whatever the housing market might have been at the beginning of the year, it’s safe to say that it is no longer on that trajectory. The market has been on such an unpredictable run this year, but it’s beginning to show a trend as the year ends. In what has been a move that has surprised many, the housing market is uncharacteristically active for it being the year of a pandemic. Here are a couple of the trends for the year and predictions for what the market could look like for next year.
The Buying Market
It has been reported that this year many potential homeowners will have trouble buying a home. However, this problem isn’t due to a lack of funds, but a lack of available homes. Yes, the housing market has been so hot that people are having trouble finding homes to purchase. Much of this has been due to the flock of people to the suburbs. Most realized that the small space they had in apartments was uncomfortable when it came to being locked inside all day, so they searched for more.
With the shift to working from home, most also realized that a larger home would probably be more comfortable to work from than a one-bedroom space. This influx of people to the suburbs means there are more home buyers than homes available to the public. This trend began booming in the summer, about the time when the economy was opening back up. Now, it looks as if it has spilled into the fall as well, with no definite end in sight.
The Selling Market
The median home listing in Fall 2020 is 11% greater than it was in 2019. That’s an 11 percent increase on value, which isn’t a bad bet if you’re looking to sell a home. The average time that a house spends on the market post-summer of 2020 is 54 days and drops to 44 days when looking at the top 50 city metros. This means that when selling a home, homeowners have options. The competition is fierce for the added space. If you’re considering selling soon, you have the comfort of knowing that there will be options to choose from. Just as with the buying market, the selling market trend has spilled from the summer over to fall, with no end in sight.
What It Means for You
As we’ve seen, the buying and selling trends of the current market are hot. A person buying a home better do their research because the competition is fierce. Planning where to live, what the budget will be, and how to get there are good steps to start with. If a person intends to sell, there will also be competition, but for the home you’re selling. In either case, make sure to pair up with the right real estate agent for your desired area.
We at Galaxy Lending Group pride ourselves on a successful history of helping people with their financial goals and needs. Have questions or concerns? Contact us! One of our professionals will help guide you in the right direction.
