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    2020 Buyer Trends

    Another year has come and gone, and with a new year comes new goals. Whether you've decided this is the year you're going...

    • Ken Schwartz
    • January 18th, 2020
    • 4 min read

     

     

    Another year has come and gone, and with a new year comes new goals. Whether you've decided this is the year you're going to sell your home or if you're just considering it, you need to know which buyer trends to expect in 2020. We've laid out the most important trends for this year and how it could affect your decision as a seller.

    Trend #1: Millennials are still on the move

    Millennials are anyone born between the years 1981 and 1997 and the largest majority of them will be turning 30 in 2020. This year, older millennials will be starting to think about settling down, having kids and buying their first home. By the time we're halfway through 2020, millennials will account for more than half of all mortgages taken out in the US which is greater than all other generations combined.

    With millennials looking to buy this year, most older generations such as the baby boomers and Generation X aren’t going to be making moves anytime soon. Most may still be raising kids or not ready to retire yet, which means they are staying put. So for 2020, it's all about millennial homebuyers. 

     

    What this means for sellers:

    •  If you’re considering making upgrades to your home before you sell, know what millennials want. The features at top of their lists include a patio, hardwood front exterior, a laundry room, and a walk-in pantry.
    • Millennials are less concerned with how big a home is and more concerned with how far it is from work and what school district the home is in. According to NAR, most millennials are less willing to compromise on the quality of the neighborhood and schools when buying a home.
    • Almost all millennials search online when looking for a home, and 80% of them actually found their home on their phone. Be sure that your online listing photos are high quality and your listing can easily be found on the major consumer search websites.

    Trend #2: Prices & iBuyer's are on the rise

    In 2018, home prices rose by 5%, in 2019 they rose by 3.3%, and in 2020 they are predicted to rise by 2.8% according to The Economic & Housing Research Group. Even though that’s not a whole lot, it’s still a steady increase each year. 

    The iBuyer trend is also predicted to increase this year. An iBuyer is a real estate company that makes an offer on a home within days. According to REAL Trends, Zillow is planning to expand in 6 new markets with their iBuyer business, Zillow Offers.

     

    What this means for sellers:

    •  With home prices still on the rise, you may make a profit on your home if you sell this year. It's also vital to keep in mind that some buyers may be priced out of the market, which potentially means fewer offers. Make your home really stand out and if you’re not in a hurry to sell, don’t be afraid to wait for the right offer.
    • Although "location, location, location" has been the slogan for the past few years, it seems that buyers (especially since millennials are now the largest group of homebuyers) are willing to comprise location for a more affordable option.
    • With iBuyer companies on the rise, it's important to know what you're up against. iBuyers basically take the human experience out of selling your home and you're likely to get a not-so-good offer. If you're not in an absolute rush, don't take the easy way out. 

    Trend #3: Mortgage interest rates are on the decline 

    Interest rates for mortgages have been dropping below 4% for some loans in 2019. Some say that for 2020, a 30-year loan should have a rate of 3.7%, and a 15-year loan will be at 3.2%. Just like anything in life, this isn’t a guarantee. Trade wars and tariffs could shift the economy causing an increase in interest rates to balance out the economy. But if mortgage rates do stay on the decline, this could be a motivation for more buyers.

     

    What this means for sellers:

    • Lower interest rates means buyers will be more motivated to buy sooner rather than later. A mortgage is a huge financial commitment, so if someone has been thinking about buying and sees lower interest rates, this may push them to commit.
    • Nothing in life is certain so if rates do increase, be prepared for your home to be on the market longer than you expected. 

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    About the author

    Ken Schwartz

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    Since 2008, I have been helping clients reach their goals, and doing so in the most professional fashion possible. I graduated with a Bachelor’s Degree in Mechanical Engineering from the University of California at San Diego in 2008. After working in the field for a short time, I found my true calling in Real Estate. My ability to talk with people and problem solve made real estate a perfect fit for me. I obtained my Real Estate License in 2008 and have worked in the industry ever since. My previous experience includes Property Management and helping clients Buy or Sell their home. In 2012 I received my Real Estate Brokers license and have recently joined the team at CENTURY 21 Affiliated. When I'm not out selling homes, I love spending time with my wife and 4 french bulldogs. I also play in an adult baseball league, which helps fulfill my competitive nature. Having played baseball in high school, it is a great extension to my glory days. Thankfully San Diego has such great weather, we can play year round. My expertise in the San Diego market and the outstanding resources of CENTURY 21 Affiliated give my clients the satisfaction that I can provide them the best quality service out there. A Real Estate transaction can be a stressful time, but it doesn't have to be. We do everything we can to make it as smooth as possible, while delivering our clients the best value and helping to build their personal wealth.

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    Ken Schwartz Real Estate

    Ken Schwartz | CA DRE #01854235 | NMLS 2461429

    2020 Camino Del Rio N. Suite 800, San Diego CA 92108

    2020 Camino Del Rio N. Suite 800, San Diego CA 92108

    Call Us:

    858-500-2195

    Message Us:

    [email protected]

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