Did you know that in 2019 more than 5 million existing homes were sold, and nearly 700,000 new houses were built? If you’re among the many people ready to buy or build a home, it’s important to stay on top of industry news and trends. These trends can impact your house-hunting search or even make you consider customizing your dream home from scratch. Continue reading to learn the top five home-buying trends for 2020.
Among recent home buying trends is the reluctance of Baby Boomers to sell their houses. Instead, more and more people in this generation are choosing to stay in their current residences and opting not to downsize or move.
A lower number of homes for sale means that prospective buyers may not be able to find exactly what they’re looking for in a house. Compromises become more important, and it can be beneficial to expand the location where buyers are looking or even change the price range they’re considering.
For example, if you are a buyer and work in Downtown Tampa consider moving to the outskirts of the city. For example, they’re two family-friendly communities called FishHawk Ranch and Hidden Reserve. These two communities are ideal for a short commute to the office while also escaping the high home prices that come along with living in the city.
Another option is to build your own luxury dream home. This gives you the ability to create exactly what you want in a residence, and it leaves you in control of design decisions.
Experts have estimated that home prices will go up 2.8 percent this year. And while that isn’t a huge increase, it does underline the importance of staying on budget for home buyers.
Saving is essential, as is knowing the amount of house you can truly afford. If you’re interested in building a home, one way to make sure you stay on budget is buy picking the perfect lot.
Here at Sabal Homes, we recommend everything from considering the topography of the lot to thinking of the views and traffic levels. Be sure to take everything into consideration while adjusting your budget. We have homes that range from the 700’s to even the 400’s, so we can work with you and pick out a home together that meets your needs and budget.
Interest rates have been declining, and these lower mortgage rates can help buyers purchase their home with a lower monthly payment. In general, the rates have stayed between 3.5 percent and 4.5 percent.
This can help make homes more affordable for a wider range of buyers. We here at Sabal Homes recommend you act now to take advantage of these lower mortgage interest rates. You never know what the interest rates will be in the next couple years so buying a home now can save you big bucks in the long run.
Interested in how millennial home buying trends are shaping the market?
In 2019, 37 percent of home buyers were millennials—or anyone born between 1980 and 1998. That means that if you’re a millennial home buyer, you could face competition when it comes to the perfect house. While there is competition between millennial homebuyers, don’t let it deter your home search. There are so many houses out there, so consider all of your options in many communities before you commit to purchase.
It’s important to know what you’re looking for and to be sure of what your must-haves and deal-breakers are when it comes to houses. If you’re building your own custom home with help from a company, be sure the home builders are credible, have experience and are licensed like Sabal Homes.
As working from home becomes more prevalent, buyers are placing more value on having a viable office space in their houses. When you customize a home with Sabal Homes, easy add-ons such as a home-office or home-gym can be implemented into most floor plan designs. For example, our Westwind 2-story series gives you the option to either add an extra bedroom, bathroom, or even a bonus room.
Being aware of 2020’s main home buying trends can help you stay on top of the industry and make informed decisions about your next home.
For more information about buying or building the perfect home for you, be sure to check out our blog.