Trends are common in every industry, but this is especially true in real estate. Things change in the industry so quickly, so trends come and go very quickly. Some of them are price-related such as the recent increase of housing prices in Australia. Others could be related to who is buying homes, the places they are buying homes and more.
There are many trends that have come and gone over the years, and this is only going to continue. But what does the future hold in 2020 for the real estate industry around the globe? Well, that is exactly what this blog post is going to take a closer look at.
Without any further ado, let’s look over some potential global property forecasts and trends for 2020.
More Tech in Homes Than Ever Before
Because of the explosion of IoT (Internet of Things), more and more homes are making use of smart home technology. This is essentially when certain items and devices are able to connect with one another and exchange data and information, without human intervention. This can mean nearly anything. Your temperature changing at a specific time, lights dimming when it is time for bed and hundreds of other intelligent possibilities.
Unfortunately, while you may use a ton of these smart home-related functions, you might be unsure about how to install or connect them. If that’s the case, don’t worry, you’re not alone. Many people struggle with this and may feel like it is over their heads. One of the easiest ways to install a variety of high-tech gadgets into your home is to make an agreement with a fix n flip company to help you out.
In addition to tech inside the home, people will be using tech to learn about real estate and make decisions. The internet is a wealth of knowledge on everything from millions of listings, to reviews on real estate companies and even helpful information like this on ISoldMyHouse.com.
Millennials in the Market
People of all ages buy homes around the world. However, in 2020, we will likely see millennials dominate the buying market. Many of them are out of university, making a stable income and climbing the corporate ladder. This is leading to many millennials looking to plant roots, start families and yes, buy homes.
This trend of more millennials in the market can have a big impact for sellers and the industry as a whole. They want more usable space in their homes and take sustainability and energy-efficiency very seriously. They also care about the cost of living. Most millennials also use the internet for research in almost every scenario, so having a presence online and offering detailed listings can be the key to reaching this demographic.
Markets That Aren’t First-Tier Will Experience More Growth
In addition to the people buying homes changing, so are the places they are buying them. While cities like Bribane, Sydney and Melbourne will always be popular, second-tier and smaller cities throughout the nation will also begin to see more massive growth.
This is largely as people are looking to not only save money, but get in on the ground floor of an expanding market or city. Home prices are expensive in the aforementioned “first-tier” cities, and people are looking elsewhere to save. Some companies have also identified this trend as many companies globally are moving to smaller cities to save money on real estate, and take advantage of the increased potential workforce in the area.
In conclusion, we hope that this article has been able to help you identify some of the many forecasts and trends in the global property space in 2020.