As is the case with any industry, there are numerous changes that occur within real estate from year to year. From increasing housing prices to decreasing mortgage rates, and everything in between, it’s important for investors, lawyers, and other professionals to be well-versed. The quality of long-term knowledge will help specialists make informed decisions, benefiting their clients as a result. Commercial real estate attorney Long Island, Markotsis & Lieberman P.C., discusses upcoming real estate trends for 2020.
Generation Z – This is the generation of shoppers born during the mid-to-late 1990s. In 2020, those fitting into this generation will be serious about either buy their first homes or shopping around. Compared to previous generations, however, they will be more conscious in regard to housing. They have other financial responsibilities to account for, including student loans and credit card payments. Due to these responsibilities, they’re likely to favor smaller homes. These will be more attractive if lower mortgage rates apply. While these may not be “forever homes,” they’re good starting points for Gen Zers. Expect to see smaller living spaces become all the rage, particularly among Generation Z shoppers, in 2020.
Proximity to Work – In the digital age, part and full-time employees find themselves working outside of the traditional office environment more than before. Nonetheless, many employees prefer a traditional environment. This can be due to an office’s utilities that aren’t found remotely, a quieter workspace, among other factors. A major selling point for Gen Zers scoping out housing options is their distance to workplaces. For real estate agents and brokers, inquiring about a shopper’s place of work will be key in closing deals for 2020.
Sustainability – Another element that will be attractive to younger buyers, including Generation Z, is sustainability. Shoppers that fit into these groups are more conscious about their environment and how their actions impact it. Ergo, they will shop for options that are “green.” Solar panels, for example, provide homes with electricity without the fear of eye-popping utility bills. Furthermore, they’ve been known to increase the value of homes. Though sustainability has been an attractive component for some time, expect it to play a bigger role in the New Year.
Use of Rising Technologies – Generation Z shoppers will be unique in terms of the technologies they use to shop for homes, too. Virtual tours, for instance, help guide shoppers through housing options they’ve been eyeing. This will be done through their smartphones, providing said shoppers with figurative windows into the future. Not only will virtual tours offer key information about homes, but it will be done at no cost to the shopper. The challenges of selling to Gen Z shoppers can be mitigated through rising technologies. They will become that much more vital in 2020.
Markotsis & Lieberman, P.C. Real Estate Lawyer is a general practice law firm.
— Solar Builder magazine