As 2020 comes nearer, we are all eager to know what a new decade will mean for things like Phoenix’s real estate industry. Predictions are being made after careful research about just how the new years residential world will be.
For Buyers
If you are a buyer, then going into 2020 you can expect to go through a mixed experience. There will be a large variety of houses, and house prices are expected to become less.
Phoenix will offer a large variety of pricing when it comes to real estate, which has always been one of the more attractive parts of the Mid West.
However, as the houses built in 2019 were mainly modern and costlier for buyers who are new to the world, and have a little sum of profit, they may find it difficult looking for a property to buy.
Also, another problem buyers may face going into 2020 is a relatively lesser amount of houses on sale, as compared to previous years. This will stump buyers who have been around for longer, as they will not be used to the sudden drop in terms of real estate options.
For Sellers
For sellers in 2020, you need to have a lot of patience, as there will be a slump in buying activity and little to no growth in prices on the market.
Houses that are on the lesser spectrum of the house market will sell quicker, and the prices of them will not fluctuate. However, if you own a house that is upper-tier, you have to be aware of the fact that it may take a longer time to sell. When it does get an offer, you will have to be prepared to compromise on pricing, if you want to make a deal.
You will mostly likely be able to survive in this new world if you are willing to adjust to the conditions of the 2020 real estate market, and do not fight the change.
Some More Predictions
1. Economic Uncertainty
While there are no predictions that say there will be a recession in the year 2020, people will have to face the consequences of the economy softening, as the markets activities slow down due to lack of finances of buyers.
2. Elections
While the elections of 2020 are not first handily linked to the real estate word, they are expected to affect the housing activity, depending on the results.
We know this by looking at the past trends when it comes to elections. The performance of the economy, which changes depending on elections, always affects the sales, and inventory of the real estate world.
3. Secondary Markets
As buyers of Phoenix struggle to pay the prices of upper tier houses, they will start looking at areas with more cost friendly housing, like the metropolitan areas. This will lead to the secondary market flourishing, while the market of the suburb suffers.
According to predictions, 2020 will not be a great year for the real estate world, but hopefully, it will get better!
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