Since 2010, many real estate trends have come and gone. For example, many homeowners were concerned about losing their homes a decade ago. Today, Millennials are the dominant force in the real estate market rather than Baby Boomers.
The following reviews some of the various trends in the property acquisition process that the most adept realtors should understand.
Buyers are Seeking Affordable Markets
For years, various real estate markets hit high selling prices and bubble after bubble of hot real estate markets appeared. Buyers, however, are expressing less interest in overpaying for homes and beginning to look in alternate areas where property prices are more affordable. Substantial growth is expected in the following decade in areas where there has been little real estate activity previously.
Millennials Will Play a Bigger Role
In 2020, a large number of millennials will reach the age of 30, which is when many people begin to think about purchasing their first home. By halfway through 2020, millennials will represent more than 50% of mortgage holders in the country. The popular myth might be that millennials are not interested in settling down, but the opposite becomes truer every year.
While millennials will be the ones most interested in buying properties, many Gen Xers and Baby Boomers are comfortable about where they are. As a result, the realtors who flourish the most in the following decade will be those who can help this younger age group buy and sell property.
The Same Old Issues
It is perplexing, but the more that things change in the real estate industry, the more they tend to remain the same. Florida property buyers will still face many challenges that they did in the past, including the challenge of finding the best possible property and the difficulty of competing with rival offers. Some people even anticipate that all-time low of home sales to occur in 2020.
Buying Property in 2020
People who are looking to purchase property in 2020 and the following decade will face many challenges including finding a property and getting an offer accepted before others do, which is why it is a good idea to prepare early. Skilled realtors will have the opportunity to prove beneficial during this process.
Selling a Property in 2020
As property scarcity continues, sellers will find that many properties are in demand. While some sellers should be prepared for the transaction process to proceed quickly, other sellers should anticipate the highest-priced properties to take longer to sell. A skilled realtor can help these sellers think about the competition as well as determine if a property’s price is competitive.
Speak with an Experienced Property Law Attorney
The property process is full of challenges, and even the most experienced realtors can find themselves facing unexpected obstacles. If you need the help of a property law attorney, do not hesitate to contact Adam Law Group today.