The 2010s started out with epically tough times for the American real estate market. Like the rest of the country, many homeowners were struggling to find ways to avoid having to put their beloved homes for sale in Green Bay and N.E. Wisconsin. Likewise, on the other side of the spectrum, those who had already listed their houses for sale in Green Bay in N.E. Wisconsin were at a loss to find buyers for their property.
That said, while the epic financial crash of 2008 may still be fresh in some people’s minds, going into the 2020s, times have changed, and those planning on listing or buying homes for sale in Green Bay and N.E. Wisconsin can both look forward to taking advantage of dramatically more favorable market conditions than they would have access to at the close of the last decade.
While this is certainly good news for everybody, there are some particular new trends that buyers and sellers can expect to have to account for in the new year to come. With that in mind, this article is going to lay down some of the top predictions in terms of what people can expect in the world of real estate in the year 2020 and beyond. As such, anybody considering buying or selling homes in Green Bay or N.E. Wisconsin at the onset of a new decade will want to be sure to read on.
2020: What to Expect
In many ways, the real estate market in 2020 will continue to reflect the movements that have been continually picking up steam since the big collapse at the start of the last decade.
While those days are thankfully long gone, they did play a fundamental role in shaping the way that the property market functions today, and Americans can continue to expect to see people living large city centers in favor of buying houses for sale in Green Bay and N.E. Wisconsin as well as other more moderately sized urban centers.
In addition, the members of the baby boomer and Gen X cohorts can continue to expect to cede their buying power to members of the younger generations. In addition, the conditions will continue to favor those posting homes for sale in Green Bay and N.E. Wisconsin while buyers can still expect to come up against a competitive marketplace, especially in the big city centers. That said, favorable mortgage rates will probably continue to remain stable.
Keeping these general evolutionary forces in mind, it is time to zero in on exactly what to expect in terms of the American property market in the year 2020.
Make Room for the Millennials
There has been a lot of hype generated in the past decade in terms of the general reluctance of the Millennial generation to invest in property. This noticeable trend may have played into the buying power of the generations previous, but it also puts the future development of the American property market in question.
The good news is that times are changing, and the American housing market is finally starting to see more and more Millenials taking the plunge. As the oldest edge of the Millennial cohort approaches their forties, this cohort has edged in to snag a significant piece of the property market pie. Indeed, experts predict that by the mid-point of 2020, members of the Millennial generation will account for half of the total mortgages in the country, edging out all the other generations combined, and that is a big power move indeed.
This sudden jump can probably be attributed to the Millennial tendency to wait until at least their 30s to start settling down, while older generations were much more inclined to settle down and start raising families in their 20s. It turns out that millennials do indeed find partners and have children, they just wait longer to do it, and thus, have also waited to dive into the property market until recently.
That said, they are indeed entering into a highly competitive marketplace that will certainly put their buying power to the test. A lot of this has to do with the fact that many baby boomers are perfectly comfortable while they are, and there are, indeed, a lot of baby boomers. In addition, most members of Gen X aren’t quite at the empty nest phase yet, and this means that younger buyers might have to get creative when shopping for houses in Green Bay and N.E. Wisconsin.
It’s All About Affordability
Given the general trends always covered above, it may come as no surprise that in an American real estate market where supply is struggling to keep up with demand, in the year to come, an emphasis on location will increasingly be substituted for an emphasis on affordability when it comes to choosing between houses for sale in Green Bay and N.E. Wisconsin and beyond.
A lot of this has to do with the fact that Millennials are moving in, and don’t have as much to spend as members of the older cohorts. Thus, they may be more willing to sacrifice a little luxury in favor of affordable price points that they can work with. This means that 2020 could potentially be a good year to put houses for sale in Green Bay and N.E. Wisconsin and other mid-sized cities that the younger generation will probably start moving toward as they are continually edged out of more expensive urban areas.
While the American real estate market is moving into the new decade on a much higher note than the one previous, there are still some unique challenges out there that buyers and sellers alike can expect to have to navigate in the years to come.
As such, it is always advisable to work with a professional local real estate agent who knows the ins and outs of the national and domestic market alike and can help anybody trying to navigate the rapidly transforming property market of today avoid getting unwittingly caught up in rough waters.