House Market Trends In 2020
As the new year approaches, you are probably asking many questions about the housing market. Is it a buyer’s or a seller’s market? Is this a good time to list your home or buy a new one? Fortunately, experts have compiled marketing trends for 2020 to help you get a better understanding of the market and make a move (or not) based on the predictions. From a booming retirement population to a trend towards urban living, these are upcoming market trends to look out for.
Housing Market Trends
Generational Influences
An increasing number of Americans are reaching their 60s and 70s, which is the prime retirement age. This aging demographic, the best Las Vegas mortgage brokers say, means more people will be looking to buy and rent property in traditional retirement locations such as Florida, Arizona, and across the Southwest. Many retirees also downsize when they move to a new home, which means there will likely be a greater demand for smaller and more affordable properties. (Read more about construction loans here.)
Suburbs are Back
In 2020, real estate market trends show a shift in population location nationwide. Predictions suggest that people will be searching for properties in suburban areas outside of the city. This is due largely because of millennials, who are starting to raise families and seeking the affordability and stability of suburban living as a result.
Year of the iBuyer
In 2020, Zillow intends to expand its popular iBuyer program into more markets than before. Most iBuyer markets have focused on home values between $200,000 – $300,000. However, the program is increasingly popular, which means it may extend to markets outside of this historic price range. To prepare, many agents are creating their own iBuyer programs to give clients more options.
Technology is in
Technology has infiltrated just about every aspect of Americans’ lives. Not surprisingly, it has a growing presence in the real estate market, too. Experts believe technology is vital for creating a successful real estate business, and it’s an essential tool for attracting clients. Furthermore, a technology-centered market is more efficient as it allows buyers to see new listings and close deals much faster than traditional manual methods.
Business Trends
In the commercial sector, the 2020 real estate market looks to be a strong year of growth and opportunity, despite the possible impacts of the presidential election season. Flexible-office designs and new construction are highlights of the 2020 year for the commercial industry. Rental growth is expected to fall slightly, too.
Ready to Invest in The Current Housing Market?
In 2020, the real estate market will be shaped largely by a growing retirement population, a move to the suburbs, and technology. If you are curious about what the 2020 year means for your real estate plans, don’t hesitate to get in touch! As the best loan officers Las Vegas, we are eager to help you understand the real estate market. Don’t hesitate to contact us by phone or online: https://drennenhomeloans.com/.
