Every year brings new trends in the real estate market. If you're wondering what 2020 has in store for the real estate market, keep reading. There are a few interesting changes you can expect to see as the new year approaches.
Multi and Single Family Homes are Favored
These days, Millennials and Baby Boomers need housing. As Millennials are starting to build families, they're becoming more interested in buying homes. Office space, hotels, and retail space are less in demand.
Rentals are Struggling
During the past few years, the cost of real estate has rapidly increased. Unfortunately, many people have not been able to keep up with the rise in real estate. People are finding it more difficult to afford the cost of living.
Rental apartments are struggling as a result of this. To make up for the high cost of their own mortgages, building owners are forced to charge high rents. But people in the middle-income and low-income brackets can't afford the high rent, and the rental market is in the midst of a struggle.
Global Warming is Changing the Market
Across the U.S., temperatures have gone up. This is particularly true in urban areas, where cooling costs have gone up by as much as 13%. As a result, home and business owners may need to change their building designs, which comes at a cost. This could get passed on to tenants or future buyers.
Natural disasters like floods, wildfires, and hurricanes have also been more frequent. As a result, people are looking for homes in new areas. In places like Florida, real estate that's slightly further inland is likely to see a rise in property values.
Co-Living is Popular
Because there has been a housing shortage in many areas of the country, co-living has become popular. Even areas that claim to have low-cost housing don't always have realistic prices. To make up for the high cost of buying or renting, some individuals live with roommates. This makes the cost of living more affordable and also encourages a social connection with others.
Hipsturbia
Although cities like Miami will always be popular, there's a new trend that's bringing more people to suburbia. Hipsturbia is the term used to describe suburban communities that have it all. They offer retail shops, restaurants, and easy access to transportation. Generally, these suburbs have easy access to big cities.
Community Life is on the Rise
These days, people spend much of their time disconnected from the rest of the world as they stare at the computers and phones. But this has led some to yearn for a sense of community. They want to live in a place where others have similar interests and values to themselves.
Baby Boomers Have More Housing Demands
As baby boomers stay more active, they are living longer. Because of this, they have a greater demand for housing. They tend to work until an older age and are looking for housing in downtown areas and hipsturbs.
High Demand for Real Estate Agents
One trend that is not new and has always been true of the real estate market is the high demand for real estate agents. No matter what the market is like, you need a real estate agent to help you get the best possible outcome. By working with an experienced real estate group, you can more easily buy or sell your home in Miami. The market is strong, so don't hesitate to get started.
