2020 REAL ESTATE MARKET AND HOUSING TRENDS TO WATCH
FOLLOW THESE REAL ESTATE MARKET TRENDS TO MAKE THE MOST OF THE COMING YEAR.
2020 is almost here! Learn and leverage the biggest real estate market and housing trends for 2020 to make the most of your next real estate journey.
1| AGING AMERICANS
RISMedia explains that as Americans enter their 60s and 70s, there will be a desire for downsizing and cost savings. Thus, the demand for smaller, one-level houses—and resulting competition for these properties—will rise.
2| GEN Z
According to TransUnion, the number of Gen Zers taking out mortgages has doubled year-over-year. They’re suffering from student debt, so they’ll also be looking for affordable, smaller homes. When Gen Z and the “Silver Tsunami” we mentioned in #1 combine, it’ll be hard to get your hands on small, one-story homes.
3| SUBURBS ARE BACK
Though homebuyers were moving into the cities in the 2010’s, 2020 will mark a shift back to the suburbs.
4| HOUSING PRICES CONTINUE TO RISE
Real estate experts predict that home prices will rise by 2.8% in 2020, making for a slightly more expensive market. If you’re selling, that’s great news for you, but if you’re buying or investing, you need to figure out just how much you can afford before making a move in this market.
5| MILLENNIALS STILL LEAD
Dave Ramsey explains that the majority of home buyers (37%) are millennials. If you’re selling in this market, make sure that your online presence is in tip-top shape, that you highlight perks instead of size, and know what trends and features millennials are looking for.
Want more info? Check out our blog post on getting into real estate investing here.
Keep in mind that these trends are guidelines meant to represent the market in broader terms. Curious about how these affect your specific situation? Our experts can help! We are up on real estate market and housing trends for 2020 and will know how to help you take advantage of the current and near-future climate in the Madison and Baraboo markets. Contact us today to start your buying, selling, or investing journey!