What to expect from the US real estate market in 2020
2020 has been a crazy year so far. A lot of things have happened unexpectedly and a lot of things started changing because of that. The economy will be suffering for a long time because of the worldwide pandemic we were going through. And no surprise, the US real estate market will change and suffer in 2020 too. If you were planning on investing in real estate any time soon, reading this article beforehand is the best thing to do. So, if you wanted to find out more about the US real estate market and how it’s going to change in 2020, keep reading.
When it comes to buying a home, some experts say that now is the perfect time to do so. This is because the mortgage rates initially dropped in lenders’ efforts to offset the scare of the coronavirus pandemic. At one point, the average 30-year, the fixed-rate mortgage interest rate was 3.29%. This is an extremely low number. This is when a lot of buyers and homeowners rushed to apply for a mortgage or refinance. Because the interest was big, the lenders raised rates slightly to 3.65%.
But since then, the rates have dropped again. This would mean that buying a house right now would be a great idea. And if you do decide to do so, verifiedmovers.com is where you can find the best movers in the US for your upcoming move. Here is where you can read which real estate markets are the most affected by coronavirus.
As of now, a lot of people have postponed selling their homes. This happened for a couple of reasons. Selling a home in the US real estate market during a pandemic isn’t easy. But sadly, for those of you selling homes, we have bad news. Experts predict that the home prices will drop after all this comes to an end. That is why we think that selling your home now is the best idea. Make sure you make your home more appealing by making 3D videos of your home before putting it on the market. This is an extremely helpful thing to have now that we are all social distancing. Read about whether you should sell your vacation home this year.