Top Real Estate Trends for 2020

by Lorelei Mangan 02/09/2020




 Photo by Gerd Altmann via Pixabay

As 2019 draws to a close, people aren't just turning the page on a new year but also a new decade. With a new decade comes new trends in the real estate industry. The 2010s were a time of drastic shifts in the real estate market. This new decade is sure to be more of the same. As a result, there are a few trends for 2020 that everyone should note.

What the Current Generation Desires

While there are people of all ages looking for houses, the majority of people currently looking for homes are members of the millennial generation. Many of these individuals and families are buying a home for the first time. Many members of this generation are looking for something specific in their home. This might be a laundry room, patio, or additional space in the garage. This also means that many people looking for homes care more about these features than they do about the overall size of the home.

Home Prices are Rising Slowly

When the real estate market crashed about ten years ago, many people were concerned. Fortunately, home prices have rebounded since then and the market has stabilized. For now, home prices are continuing to rise; however, they are rising slowly. This means that those who are looking to establish equity in their current home will continue to do so. This also means that anyone who is looking to buy a home might be able to find the house that is right for them at a discounted rate.

Mortgage Rates Remain Low

In addition, mortgage rates are remaining low as well. Mortgage rates bottomed out a few years ago and haven't changed significantly since then. This has led to a boom in the number of people looking to buy a home, providing advantages for both buyers and sellers. Some people thought that with the rapid rise in the number of people buying homes, mortgage rates would start to climb. This hasn't been the case. This is another reason why many people looking to buy a home should try to act quickly. Mortgage rates cannot go much lower.

More Work is Done Online

With more millennials looking to buy a home than ever before, it should come as no surprise that more of the work is shifting to the internet. More people than ever before are looking at listings online. As a result, anyone looking to sell a home should make sure the information on their online listing is accurate. Furthermore, people looking to purchase a home should also check out the internet listings. Of course, make sure to verify that anything posted online is accurate before acting on it!

About the Author
Author

Lorelei Mangan

 

Who I am...

As a native of San Jose, I was raised in the Rose Garden neighborhood and grew up in its public schools. I started my own business in my early 20s and moved onto the real estate in 1986, where I have thrived for the last 30 years. As a Realtor®, I strive to make your sale as smooth as possible, utilizing my knowledge, intuition, and experience for the best possible outcome. I want to impress you so much that you will recommend me to your friends and family. In fact, a majority of my business comes from repeat clients and their referrals. There are a few issues I have not seen over the course of my long career. My experience gives me the confidence to negotiate tough transactions and solve any problems that may come up. From studs to sheetrock, I know construction inside and out. I will use this knowledge to help you better understand all of the disclosures and inspections relating to the property as well. I am a mother of two twenty-something daughters, so I am well versed on the schools in our valley. My older daughter, Lindsey, joined me in the business a few years ago and offers a young, technical edge to my established business. Not only do we love what we do, but we are grateful to be working with each other every day. No matter what your real estate goals are, we provide you with honest and reliable service and strive to make you a client for life.

Our Philosophy

Buying or selling a home is one of the most important decisions you will make in your life. I focus on my clients' needs, first and foremost. If you are looking to sell your home, my job is to price it accurately and effectively market your home so you will receive the highest possible price in the least amount of time. As a buyer, you will draw on my experience with all types of properties and neighborhoods. My goal is to direct you to the areas that best suit your needs and to educate you on the loan and sales process. When you find your dream home, you will have the confidence to go forward with an offer. Nothing feels better to me than to have a happy customer moving into the home they have dreamed of and will be proud of for years to come.

To My Clients

I would love to work with you in making your real estate dreams come true. Please contact me to discuss any questions or concerns you may have, or if you are looking to buy or sell a home anytime in the near future. I look forward to working with you!