Real Estate had a tumultuous year in 2019- interest rates fell, housing prices have been rising, and while a lot of commercial Real Estate saw huge peaks, many legacy big-box stores closed their doors permanently, creating vacancies in malls across America. Many Americans found it increasingly difficult to find affordable housing, whereas housing continues to be rewarding for many investors. With all the juxtaposition on the same field, one can’t help but wonder what 2020 has in store. Will we see more of the same or will the trends continue to shift and change?
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What are some predictions for Real Estate in 2020?
- Retail closures will continue to be a problem for landlords.
- Rent control will spread more widely, eating into investor interest in higher-cost markets.
- Mortgage rates will fall to record lows.
- Homebuilders will keep focusing on starter homes.
- Venture capital will fund new real estate models in 2020.
- The private sector will bring new solutions to the affordable housing crisis.
- Investor appetite for Opportunity Zones is going to weaken after a 2019 rush.
- Clashes over multifamily housing developments will increase and get more heated.
- Millennials will keep up their home buying streak, while Boomers hold up inventory.
Another major prediction is that the industry will continue to digitize. The mortgage and real estate spheres have been moving away from their manual, paper-laden processes in recent years, and 2020 will only see that trend expand further — especially as more tech-savvy Millennials enter the market. In 2020, we’ll continue to see Millennials growing their share of the mortgage market, which in turn, will serve as a catalyst to lenders to continue to rapidly innovate their technology offerings to meet the expectations of an audience more accustomed to an Amazon, Venmo-like experience.
Furthermore, with so many big box stores closing and all that commercial space freeing-up, co-working spaces and the like are most likely to pop up all over.
That being said, online work, working from home and virtual staff will make sense now more than ever. More than being cost-efficient, hiring virtually has opened a plethora of possibilities for businesses that have embraced them and have given many a business more than a little boost. Eliminating the need for physical brick and mortar work spaces and providing a mutually beneficial working partnership for employees and business owners, Virtual Assistants have made global the new local as the industry continues to digitize, so have those that work in it.
Our industry is bound for so much many more changes both good and bad. Are you prepared to thrive and not just survive? Don’t forget to schedule your Double My Business Strategy Session today and find out how a MyOutDesk Real Estate Virtual Assistant can be a valuable member of your team!