New year, new home? If you’re thinking of putting your home on the market, experts say that 2020 is the year to do it. Below, I share my predictions and insight on what’s to come in the housing market this year and why you should be moving toward putting your home on the market.

With interest rates lower than five percent and the economy still going strong, numerous buyers are going house hunting. And, since there aren’t enough homes on the market to meet the need of the surplus buyers, prices are guaranteed to increase, and homes will go to the highest bidder. 

Since Florida’s home values are much more affordable than states like California, New York and Washington, our market appeals to all ages – including millennials who are predicted to drive the U.S. housing market forward more than ever this year. According to Realtor.com, millennials are beginning to ditch city life to kick it in the suburbs, making market competition tough. In fact, one in four offers are predicted to face bidding wars, compared to only one in 10 offers in 2019, according to Redfin. 

Sellers who will be particularly popular? Those with mid-sized or “starter” homes, as most millennials are saddled with debt and aren’t able to bear the burden of a luxury home mortgage. Fear not, luxe homeowners! With boomers nearing retirement, they’ll be on the lookout for a nice, relaxing getaway to invest in.

Whether you’re ready to put your home on the market, search for the home of your dreams or learn a thing or two about Sarasota’s housing market – I can help! Contact me at 941-225-1500 or AmyChapman@michaelsaunders.com.