Competition for prime assets will intensify in 2020; this is one of the expert predictions by Pwc on the real estate industry in 2020. Pwc is a company that has been providing audits for companies over the last several decades. Pwc has expert information about how the real estate industry has been faring over the last decade.
Every year, Pwc makes Pundit predictions on how the real estate markets are likely to fare, and what to expect within the year. The following are some of the projections on how 2020 real estate landscape will look like.
Smaller and more affordable homes will have more competition
First time home buyers are the more significant percentage of people who purchase starter homes, small homes that are quite affordable to younger generations trying to make something out of life. As the number of millennials and first time buyers increases, the demand for small homes is going to increase in 2020, according to expert opinion. Downsizing baby boomers will also increase the competition for these small homes. So the real estate industry is likely to build more small and affordable homes in 2020.
Home buyers will be exposed to the reality that finding a realtor is still the best path to home ownership
Over the years, many consumers have tried to put aside the help of real estate agents; most consumers have been attempting to work independently without the help of realtors. Since things and times have changed, a good number of consumers go to the internet and search for homes for sale themselves, visit the house, however, to their surprise, the person they call to come to open the house for viewing is always an agent.
The person who finalizes the deal is always a real estate agent. The real estate agent gets the same realtor’s commission that they would have gotten if they were in charge of the whole process.2020 will be the year where most house consumers, in this modern age, will realize that they need real estate agents to get to their dream houses. A real estate agent always knows a better deal than the one you found by yourself; you may think that you found the perfect home by yourself, but you may be surprised if the realtor showed you other options, in terms of cost and quality. Upnest.com provides a platform where you can find the most exposed and professional realtors in the real estate market.
Technology, innovation and sustainability will be the key drivers of value
Everything has gone online; every person looks for solutions online. In 2020, home buyers will flood online looking for real estate agents. Online real estate platforms will help connect consumers to their dream homes. Upnest is a good example of a platform where real estate agents compete for the attention of home buyers and home sellers. The agents connect home buyers to home sellers. Consumers just need to enter their information while signing up and then the platform enables the consumer to choose an agent within 24 hours. This is the kind of technology that experts believe will boom in 2020.
The first half of 2020 will be busy, the second half will be full of political campaigns
This will be an election year, and there is so much intensity on this year’s election, so many questions about whether President Trump will be reelected to office. So most of the home sales and purchases will happen within the first half of the year. The time to find realtors is now, before political campaigns are all over the place.