As an agent, your expertise in the real estate field should not be limited to just past and current real estate knowledge—you need to understand future housing trends as well! It’s true that the market is currently strong for both buyers and sellers, but do you know what experts are predicting for the end of 2019 and the beginning of 2019? Knowledge of future projections and trends is crucial, and it shows your clients that you are constantly looking to learn and expand your knowledge as an agent! Without further ado, here are some trends you need to know about the future housing market:
Millennials will Continue to Make up the Market
You should already know that millennials are the largest group of current homebuyers, and the number of first-time home buyers in 2019 was higher than it has ever been! As a result, you should already be doing what you can to market and appeal to millennials looking to buy a home! Given the average age of millennials involved in the housing market, you’ll most likely be dealing with a lot of first time buyers, as well as first time sellers! As such, your expertise of the real estate field is perhaps most valuable to these clients! It’s also important to note that, while it may seem obvious, the number of millennials buying a home will only increase in 2020, as millennials as a whole continue to age!
Home Inventories are Expected to Grow
The inventory of homes is expected to grow in 2020, although the amount of growth is not expected to be as strong as it has been during the past year! However, this increase in homes on the market obviously means that you’ll be helping more clients—whether they’re looking to buy or sell! This is good news for you as agent, and a larger inventory means more opportunity for home buyers to find the perfect home for them!
Home Prices will Continue to Rise
Home prices have seen a steady increase since 2012, and that trend is expected to continue in 2020. The increase in the overall average sale price obviously means that your clients looking to buy a new home will be spending more, on average, and your clients looking to sell will be getting more for their home! However, it’s important to note that the increase in sale prices is currently outpacing the growth in home inventory, which means that potential home buyers may find themselves having a more difficult time purchasing a home in the near future.