After the housing disaster of 2008, plenty of homeowners made a fortune as houses are being sold now at a rate that was never estimated before. Buying a real estate property in 2019 is less risky than it has ever been. Rates are going up and ROI is almost guaranteed. Although you do need to have a good credit history to get a mortgage with good interest rates. The chart below depicts how houses(since 2009-10) are being sold like hot pancakes.
Real estate stats and facts for home buyers, real estate agents and homeowners
1) Almost 70% of millennials regret buying their homes (CNBC)
2) Since February 2019, it took the typical homebuyer 73 days to close on their new home after their first home visit. (Redfin)
3) 11% of homebuyers in 2019 have been either Younger Gen Y or Millennials. (National Association of Realtors)
4) 26% of homebuyers in 2019 have been either Older Gen Y or Millennials. (National Association of Realtors)
5) 24% of homebuyers in 2019 have been either Gen X’ers. (National Association of Realtors)
6) The typical home sold in September 2019 went for $309,000. A 5 percent increase since the year before. (Redfin)
7) The year 2020 is expected to the peak millennial home buying year with most of them on the verge of turning 30. (Realtor.com)
8) The median rent price in the United States is $1,700. (Zillow)
9) Home price growth will continue to slow, with a forecasted increase of 2.2 percent. (Realtor.com)
10) In 2019, 89% of homebuyer identifies themselves to be heterosexual or straight. 4% were gay and 1% bisexual. (National Association of Realtors)
Will 2020 be a good year to invest in a real estate property?
Are you one of the 57% who believes that the housing market is going to crash in 2010?
Well, there is no proper evidence to support the claims of the 57% who are panicking at the moment. The worst thing a homeowner or a homebuyer can do in such a situation is rush and follow the majority. Selling your property or buying one in a hurry will land you in a lot of trouble.
In 2020, I would recommend you to invest in properties that you plan to use yourself. Buy a house you plan to live in for the next 6+ years. Also, look to get a fixed mortgage rate and with a low down payment. This way, no matter what the market situation is in 2020, you can survive the next recession–if it comes– without incurring much loss.
The bottom line
There is a lot of misinformation circulating on the internet. Buying into a stat or a fact without verifying the real source is not the right way to go. Most facts are negative and they are formulated to make you nervous about having decided in the past. The real estate market has always been fragile and it will continue to be so. Make sure you do your due diligence before selling or buying a property.