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All of these are real, valid questions – particularly after the unexpected hot the industry has sustained in recent months. Over the course of this blog post, we’ll take a look at the trends that are set to shape the U.S real estate market in 2020.
The Demand is Still There for Housing
Although the ongoing pandemic has obviously impacted the housing demand, it certainly hasn’t flat lined. In fact, before the pandemic hit, the demand for housing was quite high, and is expected to remain so. So, considering the low supply and the high demand, it’s certainly looking like a seller’s market right now.
Moreover, it’s the peak home buying season for the millennial population. An increasing number of millennials with disposable income are moving out, with 34% of them buying homes for family, and 32% buying homes for space. Regardless of the reasons millennials are investing in real estate, its good news for the industry as a whole.
Supply and Construction
As we’ve touched upon above, the pandemic has impacted the housing supply. There’s a shortage of houses for sale on the market, and new construction prices are predicted to go up once the industry starts functioning normally again.
While new home construction has sustained a hit, construction prices are expected to either remain stable, or rise after a hiatus as long as the current one. However, prices aren’t expected to soar to stratospheric heights, particularly for the new housing market, as oil prices have significantly fallen in recent times.
So, should you invest in a new house right now? Well, despite the housing prices and short supply – yes, it’s a good time to invest. Puzzled? Well, let us explain. You see, the paranoia and uncertainty caused by the pandemic has many people thinking about getting their own roof in order to be better prepared for times like these.
Looking to buy a new construction home? Well, you’re at just the right place! The ultimate new home inventory search tool for home buyers, Builders Update has revolutionized the process of buying a new construction home, providing homebuyers with complete, updated information of to-be-built and new construction homes. Get in touch with us for further information.
