As 2020 begins, real estate investors that seek to build a real estate empire need to look at the trends that are going to define the new decade. Paying attention to the trends in real estate can help those that are trying to build profitable real estate ventures.
Seniors and Generation Z
There is a lot of talk about smaller houses in the real estate industry. Several seniors are aging, and they are looking for smaller homes. There is also a high number of Generation Z adults that are drowning in student loan debt. They may not have the ability to buy large households because they cannot afford to take on these types of mortgages when they get out of college. This means that there will be a strong desire for smaller living spaces in 2020.
Rising Increase In the Cost Of Homes
Since politics are known to play a part in the economic conditions in real estate, it is evident that one cannot ignore the looming recession. Prices of homes are slowly on the rise in the wake of a potential presidential impeachment and a possible recession. People that are in the market for buying a home can expect increased interest rates and higher prices on the homes that are being sold. 2020 is going to be more of a seller’s market than a buyer’s market.
Technology and Real Estate
As more people look at ways to invest in real estate, it will come much more important for real estate and technology to blend. More people are trying to build online portfolios with real estate investments. They are utilizing technology to
engage in this.
Restoring The Abandoned
Another thing that is big in real estate in 2020 is the restoration of many abandoned properties. A prime example of this is the real estate boom that is happening in Detroit. At one time, this was a motor city Mecca, but many of the buildings were abandoned as more car manufacturers moved overseas. Now more technology businesses are making Detroit home again. Companies like Google and Microsoft are opening shop in Detroit to revitalize the commercial real estate scene.