What You Need to Know About Buying a Home in 2020

Buying a Home– Millennials, expect a slew of housewarming party invites to start rolling in. And don’t be surprised when your own itch to buy a place intensifies in 2020.
Fortune tellers we are not. But we did check in with real estate experts and analysts, and the general consensus is that millennials will be dominating the home-buying market, thus shaping many 2020 trends.
So, here’s looking at you millennial buyers. These six home buying trends are expected to come into play in 2020. Inventory Will Be Low
Inventory shortages, which have been plaguing buyers since 2015, will continue in 2020 and could even reach historic lows, predicts Realtor.com. This is especially true in the entry-level category, which poses a tough hurdle for first-time buyers. Inventory is low partly because Boomers and Gen-Xers are staying in their homes longer, or buying second homes instead of selling their first, explains Philadelphia-based realtor Jim Armstrong. If Gen-X buyers look to upgrade, it could free up some of those hard-to-come-by entry-level homes. In addition to low inventory, first-time buyers are also competing against investors who can make all-cash offers, as well as older buyers who are putting more money down, points out Ohio-based Realtor Michelle Sloan.

We’ll Want Our Homes to Be Smaller

America, we’re downsizing. Sprawling suburban homes are becoming dinosaurs, an ongoing trend that Zillow has zoomed in on and predicts will continue into 2020. The median square footage of newly built, single-family homes has been decreasing over the past five years. In fact, the typical U.S. home has shrunk in size by more than 80 square feet since 2015, according to statistics from the U.S. Census Bureau. Millennials prefer homes in urban areas, with restaurants and parks and other amenities within walking distance—not mansions in the suburbs.

The Market Will Be More Colorful

Expect some bold pops of color in the open houses you tour in 2020. Though we’ve really been flirting with this trend (think: color-saturated front doors) for years, Zillow predicts color is staging a mighty comeback after almost a decade of minimalism, neutrals, and subdued Scandinavian modern designs. Look for color in lighting fixtures, on interior doors, moldings, kitchen cabinetry, and appliances.  

You Might Be Able to Come in with a Low Down Payment

“Due to the strong demand, lenders have continued to roll out loan options for well-qualified buyers,” says Jason Kraus, broker at RE/MAX Advanced Realty in Indianapolis. You probably already know you don’t need to put down 20 percent (though, it can help you avoid Private Mortgage Insurance, or PMI). But, Kraus says, lenders have continued to provide low-down payment options, including 3 percent and 1 percent down on conventional loan options. That’s even lower than the 3.5 percent down you’d need to scrape together for an FHA loan.
“I expect this trend to continue as lenders look to bring more millennial buyers into the housing market,” he says.

Mortgage Rates Will Remain Low

Interest rates fell in 2019 and are expected to remain low for most of 2020, experts predict, including those at Zillow. While that’s generally a great thing for buyers, it will keep demand strong, which could mean more price growth in the parts of the country where homes tend to be more affordable. So, this is a good news-bad news situation.
“Mortgage rates are expected to remain low but with such low inventory, prices are expected to be strong and continue to increase,” says Mike Zschunke, a realtor with Berkshire Hathaway Homes in Scottsdale, Ariz.

Buyers Will Look for Move-In Ready Properties

Because the starter home inventory has been so low, many first-time buyers have been willing to take on some pretty hefty “Fixer Upper”-style projects so that they can break into the real estate market. But buyers in 2020 will be less willing to do those bigger makeovers.
“Simply put, today’s first-time buyers are busy and unable to take on a renovation project prior to moving in,” says Barbara Ireland, a real estate agent from DJK Residential in New York, New York.
   

SEARCH ALL UTAH HOMES



  Salt Lake Real Estate

lindasecrist.com

Linda Secrist’s Salt Lake City Real Estate Home Page • Salt Lake City Real Estate • Draper Real Estate • Holladay Real Estate • Sandy Real Estate • South Jordan Utah Real Estate • Salt Lake City’s Top Real Estate Agent

Team Photo Updated 2-1-2020

 

Linda Secrist & Associates is the top selling team in luxury homes in the SLC Market. They have received countless awards over the past 20 years, including “Sales Team of The Year” for over 10 years including 2019! Linda Secrist is #54 in the top 100 Agents in the World in luxury residential real estate. If you’re searching for homes in Sandy, Salt Lake, Cottonwood Heights, Millcreek, Draper, South Jordan, Bountiful, Centerville, Farmington or anywhere in northern Utah, Linda Secrist & Associates are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 801-455-9999!

#mcm #wcw #uthahomesforsale #Openhouse #homebuying #utahluxuryhomes #luxury #luxurylifesyle #buyahome #utahrealestate #utahrealtor #no1realestateagent #homesforsaleinutah #bestrealtor #skiutah #utahlistings #mlslistings #skiutah #funthingstodoinutah #relocatetoutah #thegreatestsnowonearth #utahskiresorts #worldclassskiresorts #utaheconomy #utahinvestments #stagingyourhome #villaatdimpledell #searchutahhomes #luxuryhomesforsaleinutah #mainfloormaster #homesforsaleinsandyUt #homesforsaleinpepperwood #homesforsaleindraper #searchallutahhomes #utahhousingmarket #slchousingmarket #hometrends #luxuryhomes #modernhomes #openfloorplans #relocate #relocation #seller #buyer #saltlakerealestate #buyingahome #mainfloorliving #homestyle #homedesign #number1 #sellingahome #silicon #slopes #lindasecristandassociates #lindasecrist #saltlakerealestate #utah #UT #Newhomes #Utahhomes #Realestate #Openhouse #tour #sale #rambler #shop #linda #Secrist #Associates #Events #MLS #Parkview #Villas #Luxurylifestyle #Saltlakeolympics #winterolympics #skiutah #thegreatestsnowonearth #Sundancefilmfestival #siliconslopes #winter #Snowbasin #Ski #Skiing #Mountains #Deervalley #concert #outdoor #utahsymphony #hometour #newdevlopment #mainfloorliving #property #realestate #events #festivals #Utah #MLS #Modern #Mansion #Right-sizing #down-sizing #up-sizing #condo #Sandy #mountains #remodel #hike #hiking #UT #MLS  #Business #economy #Utah #healthcare  #countyfairs #October #homebuyer #firsttime #entrepreneur #millenniasl #business #happynewyear #startup #luxuryhomes #luxurylifestyle #utahevents #Ski #Skiing #Snow #Winter #business #jobs #growth #rate #decorating #More #homes #style #hothomes #dreamhome #February