The Detroit real estate market took a turn for the better in the 2010s, with mortgage rates reaching a major low in 2019. We have seen trends come and go, and we’re expecting some major changes coming in 2020. Here are some things you could be seeing in the Detroit real estate market for the year ahead.
The number of renters will increase.
The last few years have shown an upswing in the number of renters. Many people don’t want to deal with the maintenance of home repairs and would rather opt to pay a landlord to get the work done for them. Hint: this means a perfect opportunity to purchase a rental property to rent today to rent in 2020!
Smaller homes stay all the rage.
So long are the days of giant homes, micro spaces are what’s in! New reports suggest Millenials are looking to purchase smaller homes. This could be due to the fact that many are opting for pets as opposed to kids, thus diminishing the need for more space. Another reason a younger audience is looking to rent smaller homes and apartment spaces.
Bold design makes a comeback.
Minimalistic design might be a thing left behind in 2019. Housing market trend reports show home and interior design becoming more bold and colorful. Will there soon be a resurgence of design from the 70’s and 80’s? We’re excited to find out!