Will Home Purchases Soar in 2020?

With the uncertainty of political outcomes of 2020 and how they could affect the housing market, mortgage rates may still remain lower for longer.  But, that’s not the only reason to stay tuned to market shift!  

Buying Your First Home is a Big Deal!

Who’s Purchasing Homes?
Even with the minimalist mindset that is rapidly becoming the new normal, it is predicted that Millennials age 23-38 are more likely to purchase homes within the next year, followed by Generation X age 39-54, according to TransUnion’s Joe Mellman, quoted in Lew Sichelman’s biweekly Inman column.*  Because the greater millennial population and/or first-time home buyers may have little understanding about the lending process, it has become crucial to select a mortgage lender who takes a consultative approach to avoid misguided perceptions among this demographic, such as credit score and down payment requirements, as well as loan product options.

Baby boomers are said to be the least likely home buyers moving forward.  This opens the door for resell homes that may require renovations and repairs prior to listing.  The greater boomer population may simply be moving in with relatives or transitioning to 55+ communities which are also on the rise.   Nonetheless, the real estate market is changing.

Where is the Growth?
New residential developments are not slowing.  If anything, they are enjoying steady growth in the DFW market.  “Builder relationships are important for us to be able to mediate with the buyer as any new build can be a stressful experience for most home buyers, much less first-time home buyers.  That’s where experience really matters.  We know how to anticipate each step of the process, as well as the timing involved, on behalf of our clients.” says Denise McClelland, Lead Broker/Owner, Torelli Properties.

Charles Schwab Corporation’s  acquisition of TD AmeriTrade is expected to close by the 2nd half of 2020.  The corporate headquarters of the combined company will eventually relocate to Schwab’s new approx. 1M SQFT campus in Westlake, northwest of Dallas, according to wfaa.com.  “We will be informed, ready and equipped to help families relocating to DFW find that special place they are happy to call home” says Lacy Milani, Sales Partner, Torelli Properties.

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