Real estate trends change from year to year. It’s interesting to watch them unfold over time. It’s important to be on top of these trends to be able to better serve my clients in Southern Oregon. The top seven real estate trends in 2020 are already in action.
Historically Low Interest Rates and Rising House Prices
Interest rates are at all-time lows right now. This is fantastic news if you are in the market to purchase a new home. Real estate prices are slowly rising. With these real estate trends happening at the same time it’s advisable to purchase sooner than later.
Millennials are the Majority of Homebuyers
The largest segment of millennials are turning 30 years old this year. Many of them are finally able to buy a house. Millennials have spent a lot of their time graduating from college, living with their parents, getting secure jobs, paying down or off student loan debt and saving money to buy a house. First-time homebuyers are on the rise.
Baby Boomers and the Need for Senior Housing
In the next ten years, the number of Baby Boomers age 75 and older will rise to exorbitant numbers. This means there is an increased need for new senior housing. Also, longer life expectancies make the issue even more critical. Many seniors want to age in their own home which means they will be looking for ranch-style homes (without stairs) in active-lifestyle retirement communities. Many seniors today are looking for updated, upgraded homes.
Specialized Housing and Real Estate is on the Rise
In addition to senior housing communities, other specialized real estate is trending. Medical offices are popping up everywhere to keep up with the increase in medical care needs. Real estate for cell towers and data centers is on the rise. Multi-family buildings and co-living is increasing in popularity.
Focus on Community Living
Co-living and community living is especially trending. The need for cost-saving and the development of technology in these areas are increasing co-living, co-working and ride-sharing. These are some of the examples of people interacting and sharing life with their family, friends, and neighbors.
The Effects of Rent Control
A few states, Oregon included, have rent control laws in effect. While this may seem to be bad news for developers, apartment owners, property managers, and investors, it is expected to provide stability to the rental housing market in the long run. The hopes are that more reliable investment opportunities will emerge.
Live-Work-Play Lifestyle is Ever-Increasing
Many families are seeking the live-work-play lifestyle. They want a community in which they can live, walk to work and play during non-working hours. They want it all just outside their front doors.
I stay on top of real estate trends that continue to emerge. Whatever your real estate needs, I am here to help. Contact me today.