How Real Estate May Change in the Next Decade
If you follow real estate trends, you may notice periods of upswings and periods of downswings from time to time. While it’s not always easy to predict what the real estate industry will do in the future, the future seems pretty bright according to experts.
When it comes to the next decade, there’s a lot of optimism from realtors and real estate investors. Despite what doomsayers might try to get you to believe, or what the economy may be doing right now, there’s plenty cause for positivity.
The Real Estate Market Outlook
Economists are predicting that the national median home prices will grow steadily over the next decade. Albeit there may be variances due to things like supply, demand, population, and income growth, the general feeling is that the market will experience growth. In fact, some experts assert that property prices in the U.S. could rise up to 10% in the next decade. That’s a pretty good increase on investment for the REI folks out there.
With technology always expanding, no doubt there will be an increase in online rental auctions over the next decade. By online auction, I mean there are avenues where landlords set their property reserve online, while pre-screened renters bid on the property to rent. This is one way investors will be able to get top dollar for their units.
In addition, many landlords are now deducting a tenant’s monthly lease
directly from their bank account. We’re likely to see this happening more and more over the next decade, which can be a benefit to both landlord and renter.
A Decline In Realtors
We may see a decline in realtors over the next decade, mainly due to artificial intelligence leaving its mark on the real estate industry. Already, there are a number of property agents online that use algorithms to provide services to the real estate community at a fraction of the cost of realtors.
This isn’t great news for realtors, but the REI community may well be on board.
Moving Forward With Real Estate Investing
The general consensus regarding real estate in the next decade is that there will be ample opportunity for growth. While there’s no way of guaranteeing growth, if you look at history, you’ll clearly see that there have been long periods of real estate stability and growth. It’s likely this type of activity will continue for quite a while.
If you’re thinking about investing in real estate or expanding your REI portfolio, there’s no reason why you shouldn’t go for it. Real estate is a great way to invest your money and get a solid return. When you’re seeking financial security for the future, real estate investing has long been favored as the way to go.