Housing trends shift from year to year, so if you’re thinking about investing in real estate in some of the country’s most desirable areas, it’s time to look at what forecasters are predicting for those markets.
Below, we cover the 2020 housing trends for Portland, Washington, and Texas.
Housing Trends for Portland
Thinking about investing in real estate in Portland? 2020 is a good time to consider diving into this market, which is considered a top destination for long-term investors.
In the latter part of 2019, prices for homes in this city started decreasing, and it’s expected that they’ll continue going down as part of a correction in an otherwise strong market that showcases appreciation of properties.
Now that prices are going down, it might be wise to make a purchase, as prices will inevitably go up again in the long run. Plus, forecasters predict that there will still be plenty of competition in this area, thanks to the limited supply of available properties, especially when it comes to starter homes.
Beyond all of that, there’s also demand for beautiful rentals, so if you want to invest in a property that you can hold onto and rent out, this year might be the right time to get it done. Experts recommend checking out neighborhoods like Portsmouth, Concordia, and Vernon.
What to Expect in Washington
In Washington, there are two cities to look at in 2020: Seattle and Spokane. Both of these are promising for those who want to invest in real estate and get a solid return on their money.
Seattle
In Seattle, forecasters are predicting lower prices and high demand from investors. This is still a strong housing market, but lower prices might give you the opportunity to invest in real estate there if you haven’t been able to afford doing so in the past.
As in other cities, looking in the right neighborhoods for the right investment properties is key if you want the best return on a rental. A couple of the areas that experts predict will do well in 2020 are Highland Park and Loyal Heights.
Spokane
In addition to Seattle, also consider Spokane for your real estate investment goals. Just keep in mind that home prices are expected to keep rising in 2020, particularly because there isn’t a lot of inventory to go around. So if you’ve been thinking about taking advantage of this market, now’s the time to do it, before prices climb even higher.
Just keep in mind that, because of competition, properties in the Spokane area tend to go fast. However, with the right strategy, you’ll likely be able to reap the benefits of your property appreciating in value throughout the rest of 2020.
What’s Trending in Austin and Dallas/Fort Worth?
Now let’s take a look at two of the hottest real estate markets in Texas: Austin and Dallas/Fort Worth.
Austin
Austin has been ranked a top real estate market for 2020, with several factors indicating that this popular area will continue going strong for those interested in making an investment there.
Prices have been climbing, and are expected to continue rising in the coming year. Plus, demand is also high. This means that getting in earlier, rather than later, might help you save money and reap a bigger return on your investment, especially since properties are expected to continue appreciating in value.
Also, although it was a seller’s market in 2019, some forecasters are predicting that Austin might become a buyer’s market at some point in the coming year. But even if that doesn’t happen, if you’ve been thinking about investing in a single-family home or rental property, 2020 may be the ideal time to take that leap, especially if you invest in areas like Johnston Terrace and McKinney. Keep in mind that a high percentage of the people living in this city rent instead of own, and that isn’t expected to change, so the future looks bright for strategic investors.
Dallas/Fort Worth
Real estate prices in the Dallas/Fort Worth metro area have been rising steadily, and that trend is expected to continue in 2020. However, forecasters believe smaller price gains are in store, particularly when compared to what was seen in the last two years.
Although Dallas has been a seller’s market, experts predict that it might become more of a buyer’s market this year. Increases in supply, combined with the fact that properties haven’t been selling as quickly, might help you find it easier to make your investment in this desirable area.
More affordable starter homes are harder to come by in the Dallas/Fort Worth metro area, but the Dallas housing market has many single-family homes that could deliver a substantial return for investors in search of rental properties. High demand for rentals in the area, and low vacancy rates for long-term rentals, are also expected for 2020. Two of the top places to consider investing in rental properties include Coppell and Near East.
Contact Us to Finance Your Next Real Estate Project in a Top Market!
Overall, things are looking promising for investors in Portland, Washington, and Texas who want to make a move in 2020. So, now that you know about a few of the forecasts for the year ahead, it’s time to think about how you can take advantage of some of the most popular real estate markets in the country.
Where will your next investment take you? Whether you’re looking for a construction loan, a fix and flip loan, or a commercial property loan, Merchants Mortgage has you covered. Contact us to speak with an experienced loan officer who can guide you in the right direction.