Undoubtedly, 2020 will be a great period of time for real estate professionals from all backgrounds and approaches to investing to make a splash in the market. The economy is currently booming, and many young professionals are driving a housing market renaissance as they launch careers in up-and-coming areas of the country. Here are just four important real estate trends to look for in 2020, and why investors may be in for a fantastic year.
Buyer Demand in Urban Areas
Within the US, most of the economy has been defined in recent years by the growth of the service sector and office jobs. Because large firms like to centralize their places of operation, most individuals hired for these jobs will tend to live in urban areas. This will undoubtedly create a booming market for real estate investors: Whenever Amazon opens a warehouse or customer service center in a new city, for example, housing prices are sure to be strong for the foreseeable future.
Stability of Home Price Growth
In recent years, the United States has seen an enormous amount of growth in the value of homes throughout the country. This trend has shown remarkable potential in recent years in big urban areas like San Francisco and Manhattan. Home prices will continue to grow in 2020, but the real estate market probably won’t keep up its former pace: For real estate professionals looking to make their mark in a new region, however, that kind of stability can still provide a reliable source of income and opportunities for quality investments.
Urban Professionals Will Increasingly Favor “Secondary” Cities
When choosing a place to live, many urban professionals have traditionally kept their eyes on major urban hubs like New York, San Francisco, and Los Angeles. But as housing prices soar in these areas, many young professionals are beginning to look at affordable up-and-coming markets as places to launch their careers and start new families. In recent years, for example, cities like Atlanta, Austin, and Portland have become very popular with younger people: That trend will almost certainly continue in 2020, and housing markets in these areas will be great places for real estate professionals to invest their money.
Middle America Will Offer Great Investment Opportunities
For individuals just starting out their real estate investment careers, money is often tight, and in cities like San Francisco, it can be very difficult for investors to grasp the first rung on the housing ladder. Fortunately, real estate opportunities abound in much of the Midwestern and Southern United States: In many areas of cities like Louisville, Kentucky, for example, housing is both affordable and attractive to younger generations of professionals. Such conditions can lead to big opportunities for investors in the long-term.
About Getler, Gomes & Sutton PC
Getler, Gomes & Sutton PC is a real estate and construction law firm in New York. The firm also specializes in high-rise developments in New York City, and was created by its Principal, Janine Getler in 2009. Follow Getler, Gomes & Sutton PC on Twitter to learn more.