What Can Home Buyers Expect in 2020?
Louisiana Realtors • December 31, 2019
2020 marks not only the beginning of a new year but also a new decade. Furthermore, it’s an election year. This means it’s a year that marks many milestones. Is one of those going to be the purchase of a new home? If it is, it’ll be helpful to know what you can expect in terms of the real estate market and economy in 2020. Here is a quick forecast of the year to come.
Home Prices are Rising
While prices rose more slowly in 2019, a 3.3% increase, compared to 5% in 2018, they are still on the incline. 2020 is forecasted to see a 2.8% increase in sale prices. This trend will play an important role in not only your mortgage process but also the neighborhoods that you shop in. Entrust your time with a professional, knowledgeable REALTOR® who listens to your list of needs and be able to communicate your expectations from the beginning. Be sure that you understand the inventory of what is available on the market and how much house you can afford by first talking with a trusted lender.
Millennials Will be the Largest Group of Homebuyers Again in 2020
As in recent years, Millennials will be the leading demographic of home buyers. Last year this generation accounted for 37% of home purchases. This means that home shoppers in this age range need to understand what they want and need now, as well as in the future. Are you married or planning to be? Do you have kids? Expecting? Lots of things need to be considered when looking for a new home.
Mortgage Rates Will Continue to Decrease
Some good news in 2020 for prospective home buyers is that mortgage rates are expected to remain low. Rates are forecasted to stay below 4% again, with an expected average rate of 3.7%. This is an excellent opportunity for home buyers to get a low, fixed-rate mortgage.
No matter where you are looking, what you need, or anything else, if 2020 is the year you by a new home, entrust the process to knowledgeable, professional REALTOR®.
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Louisiana REALTORS® is accepting applications for the 2028 Region 10 RVP on the National Association of REALTORS® Board of Directors to be voted on by the Board of Directors of Louisiana REALTORS® on Wednesday, March 4, in Bossier City, Louisiana. Eligible candidates can submit the application at the link below by Monday, February 16, 2026, by 5:00 p.m. to be considered for this position. Selected applicant will then proceed through the candidate background process with NAR, and elected by the NAR Board of Directors in October.
