What is 2019 going to bring for real estate? Here are some predicted trends for 2019.
Mortgage rates climbed steadily last year. The low 3.5% mortgage is a thing of the past right now. They will continue to creep up this year and may plateau close to 6% this year. What does this mean for buyers? Buying a home may be harder. Some homes may be simply out of their reach with the higher interest rates and rising house prices. They may also be stuck at a lower price point.
Inventory is expected to rise so some degree. This may help some buyers looking for homes. Higher end luxury homes going on the market are expected to have an increase.
Sellers are still expected to do pretty well with rising home prices.
Millenials are still expected to represent the largest group of buyers. They are getting older so they may already be moving on to their second home. They may be looking for more room or a better location but may still carry student debt which will make them careful with finances.
As real estate agents, this can help shape your year and your focus. Are you going to jump into the luxury home market or help millenials find a new home? It’s a great time to look at your marketing and see who your target client will be.
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