Union Budget is likely to focus on revival of the real estate industry that has continued struggling with huge piles of unsold inventory throughout 2019. With the

What are your predictions for the real estate market in 2020?

For the US real estate sector, 2019 was a tough and controversial year. It was marked by both positive and negative trends. The price of real estate property was increasing tremendously due to different factors such as the imminent economic downturn and some shifts in buyer demographics. Nevertheless, some sectors don’t feel so good about the increase in home prices, which leads to concerns about the upcoming economic climate. In this article, we’ll consider some recent US real estate market trends and outline how custom software solutions can benefit both buyers and sellers.

How Was the US Real Estate Market Doing in 2019

First and foremost, home prices are still rising. Slowly, but they’re rising. In 2019, price growth was about 3.3%. Compare it to 5% in 2018. According to predictions, the overall picture won’t change much in 2020, and home prices will only rise by 2.8%. There still be something to work with, but we won’t see rapid growth that we witnessed in previous years. Such a state of affairs has reduced the number of potential buyers and raise new competitions for those who want to sell their houses for a reasonable price. Since there are fewer offers for their property, the need for the services of an experienced real estate agent will grow. Buyers, in their turn, won’t rush to make investments until they’re entirely sure that this step makes financial sense.

Buyer demographics show some interesting trends. According to statistics, the majority of home buyers are millennials. Folks that were born somewhere between 1980 and 1998 took the lead in 2019 and become the largest group of house buyers.

Image source: Finances Online

Members of this tech-savvy generation that have found stable jobs often in the high-technology field have household incomes reaching $88,200. Most of them prefer middle- and upper-middle-class homes. Millennials are known to research online first before making purchase decisions. To satisfy the needs of such kind of buyers, it’s important to…(more)