Homebuyers may face serious competition when searching for real estate this year. The number of newly listed properties is at the lowest national rate since 2012. So, homes on the market are in especially high demand. This is great news for sellers, but not those looking for a new home. Entry-level homes seem to be the most affected by competitive listings. For example, starter homes priced under $200,000 are attracting the most interested buyers per property. On that note, here’s your real estate overview for 2020.
A Hot January
Even though springtime is traditionally when the real estate market is most competitive, January was just as “hot” this year. Starting the year off with a bang just goes to show how many people have real estate fever.
Agents are already noticing this increase in activity. And, since interest and unemployment rates are currently low, more and more people are looking to buy. In Atlanta, for instance, realtors are sometimes taking clients to view upwards of 10 homes.
Since January is so busy nation-wide, we can expect that springtime will be even busier than usual.
Homes Selling Quickly
Because there are more buyers than there are homes for sale, homes on the market are selling quickly. In January of 2020, the average home sold in just under three months. This is two days faster than the average time it took for a home to sell in January the year before.
Additionally, because of the higher demand for homes, the listing price of the average home increased by 3.4 percent, bringing the average cost to $299,995 for a home on the market.
Big cities are seeing the biggest change in the number of available homes.
Commercial Real Estate Overview
In 2020, the industrial real estate overview marks average rent at a historic high, and vacancy at an all-time low. New industrial properties are being built rapidly, driving steady business growth. E-commerce, businesses based online, are also continuing to expand.
Suburban Real Estate Overview
Due to increased demand for real estate, alongside the lack of properties, many buyers are considering the allure of suburban areas on the outskirts of big cities. Millennials are the buyers most interested in purchasing homes in neighborhoods that combine the safety and affordability of the suburbs with the walkability, and 24-hour availability of amenities offered in urban areas. The good news is that this trend is breathing new life into areas.
The Right Realtor
The current real estate overview makes it more important than ever to work with a seasoned real estate professional. Our team is familiar with the Bay Area market and can help you find the home of your dreams.
To schedule with us, please call (925) 595-8047.