To say that 2020 has been a challenging year would be an understatement! With so much happening, you may wonder how that’s impacting real estate. Surprisingly, effects to real estate have been minimal. Median home prices are up and the number of days homes are spending on the market are down. Whether you’re buying or selling, here’s a look at the trends you need to know!
Trend #1 Home Prices are Still Rising (Slowly)
Home prices are gaining momentum after the slow start in 2020 due to COVID. It is expected that they will continue to make their way up and end the year with a 4% overall growth. Home prices continue to creep up, but they probably won’t blow you away with rapid growth as seen in previous years.
Trend #2 Mortgage Interest Rates are Super Low
Mortgage rates were on the way down even before the pandemic but are now the lowest they’ve been in years! Economists think rates will continue to stay low until the economy is close to normal again. Low interest rates are great news for buyers. Even with the rise in home prices, buyers have increased buying power with a lower monthly mortgage payment.
Trend #3 Millennial Home Buyers are the Majority
Once again this year, millennials take the lead as the largest group buying homes. What is a millennial? Technically, it’s anyone born between 1980 and 1998. Why is this important? Because you need to know your buyer. Millennials are internet savvy and do research online. Virtually all (98%) use the internet in their home search, and 78% found the home they eventually purchased on a mobile device. It is extremely important to make sure your online listing makes a great first impression.
Whether you’re buying or selling in 2020, you can take advantage of current trends by partnering with a local REALTOR®. Get in touch to start exploring your options and to find out if this year is the right time for you to make a move.
Angela Barrett, "A Different Kind of Real Estate"
Angela Barrett is a local REALTOR® in Lexington, SC. Every day, she has the privilege of working with Buyers and Sellers around and on Lake Murray - Lexington, Gilbert, Chapin, and Irmo. It is her goal to help every buyer find the perfect home, and every seller sell at the best price possible. Exit Real Estate Consultants opened its doors in 2008 and has been the local expert since. Angela says, "she works with a wonderful group at EXIT and is proud to be a REALTOR® for a company that prides itself on being a "family helping families."
What makes Angela different from other Realtors is her desire to combine a love of real estate with the truth. She may not always tell you what you want to hear but will ALWAYS tell you what you need to hear. Before getting into the real estate industry, she owned her own court reporting business for 14 years. She decided to change careers because it was her desire to help others with their housing needs in a way that was honest and truthful, a way that put their needs ahead of the sale. Her business is built on Dedication, Communication, Determination & Trust while embodying the ability to cater and adapt to all of her client's Real Estate needs. She says the best part of her business is the people she meets and the ability to assist them throughout the process. Her goal is not only finding the hidden gem or selling at the right price but giving her clients peace of mind that they will work together through every detail.
Angela showcases her homes on her website and utilizes professional service providers to assist with her clients' buying and selling needs, including tips for staging and recommendations for painters, designers, handymen, and inspectors. She is communicative, thorough, and detail-oriented, and she'll be with you every step of the way!
Angela made Lexington home 28 years ago. She is knowledgeable about the area and feels blessed to call Lexington her home. Angela enjoys showing her clients around “Miss Murray”, the Jewel of South Carolina, and when she’s not helping someone with their real estate needs, she enjoys going to the gym, running, spending time on Lake Murray, and a little photography.
Looking to buy or sell a home in the Lake Murray area? Call Angela Barrett, who not only represents “A Different Kind of Real Estate" but also a different kind of REALTOR®.
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