Things Are Shaping Up Well For 2020
The future can’t be predicted, but it can be forecast using pattern recognition techniques. Basically, this is deduction. Experts in the markets have seen the ebb and flow of real estate for decades, and so have a reasonable idea what’s going to happen in a given year owing to certain indicators. Right now, millennials are predicted to dominate the market.
As millennials mature, this will increasingly be the case. Accordingly, it will mean there are a few idiosyncrasies specific to this generation which differ from the last. Though there are a few ideas what these idiosyncrasies may be, they—again—can’t be totally anticipated. Even so, the experts have a fine outlook, and this writing will explore exciting coming millennial trends.
- Home Sales Likely Won’t Be High
According to TheStreet.com, it’s likely that those who already own homes will be sitting on their property through the coming year. They derive this prediction from Realtor.com, who believe in 2020 there will be a sort of “evaporation” of available residences in the coming year.
Accordingly, those who acquire them will sit on them, those who have them will as well, and those who are seeking a home will have to be quite diligent in their search. It’s notable this advice comes from a company based in south California. Other regions in the country have different trends—we’ll cover some in the south shortly.
- More Millennials Are Inclined To Buy Homes
The millennial generation started in 1980, and there’s an argument it ends with those born in 2009; though others say the millennial generation ended with those born prior 2000. It all depends on who you ask. PewResearch.com says millennials are anyone born between 1981 and 1996. The oldest millennials, by this metric, are 39 this year. The youngest, 24.
That is a prime home-buying window for an entire generation to be in. So it’s only to be expected that this year, more millennials are going to buy homes than perhaps they ever have. This will have some effect on the market.
- A “Flattening” Of Prices Will Increase Buying Power
Many experts expect housing prices to keep from expanding too much in 2020. Some estimates put the expansion cost at about .8%. This is one reason many homeowners are going to keep from selling their property this year. But it also means there will necessarily be some competitive pricing.
When value increases “flattens”, it’s possible that it will stagnate, then eventually drop. Accordingly, wise sellers will try to push their property. Sometimes this in and of itself can drive the market. When supply is high, demand is down. When demand is high, supply is down; that’s just how it works.
If you’re not quite ready to buy a home yet, you may want to go online and watch how things are trending. It could be wise to get an apartment and lease for a while as you make your choice. For that, you might look into these uptown Dallas apartments for rent, or pattern your apartment search on similarly officious online agencies.
- Competition Will Propound, Many Will Go South For Deals
Since prices are flattening, millennials are hitting the market, and there’s a fluctuation in housing supply, it’s only natural that the market will get competitive in 2020. This is one reason many millennials are heading to the southeast of the country. Look into real estate in the south, and you may be surprised at some of the deals available.
- Eco-Friendly Construction, Tiny Homes, And Mobile Living
Millennials continuously seek “green” homes, even if they’re a bit more pricey. Those who can’t afford a regular home will go for a “tiny home”; that is, a unit under 400 square feet. Others consider the mobile living option, where they buy an RV or a large vehicle and convert it into a home on wheels. Some will put tiny homes or RVs on land they buy. Expect more of this in 2020.
Capitalizing On 2020’s Trends
Whether you’re looking to go the “grid-free” route and live in a tiny home on a plot of land, secure a starter house, or find the home you and your family will live in for the rest of your lives, there are some fine opportunities in 2020. Competition will be high, there will be deals in the south, prices are flattening, more millennials are buying, and homeowners aren’t selling.