How Will Real Estate Look In 2019?
What’s on the horizon for 2019? There are three major trends we expect to see this year.
As we progress into the new year, many buyers, sellers, and homeowners have been asking what they can expect from our 2019 real estate market. Today we’re going to share the answer to this common question by counting down the top three real estate trends on the horizon this year. Let’s dive right in.
3. Millennials will take over the buying market. With many people in this generation beginning to enter their 30s, there has been an increased number of millennial homebuyers in our market as of late. In fact, experts predict that millennial homebuyers will account for 45% of all mortgages in 2019.
2. Home prices will stabilize. This trend will come as a result of increased inventory and rising interest rates. The years of 10% to 15% growth are over, with the projected rate of appreciation moving forward sitting between 3% to 5%, instead. This rate is still perfectly normal. We are still in a fantastic market.
1. Mortgage rates will continue to rise. Some believe they will go up as high as 5.9%. What does this mean exactly? To put it simply, even a 1% rise in rates could mean hundreds of dollars more for a buyer’s monthly payment.
"We are expecting more growth, more inventory, and more opportunity in the 2019 market, overall."
So what do all of these trends mean for you? Well, in short, it’s a phenomenal time to enter the market. If you’ve been renting for some time and are ready to start investing in your own future instead of paying someone else’s mortgage, now is the time to act.
And, as you all know, prices have dropped since the market’s peak last spring. Even so, we are expecting more growth, more inventory, and more opportunity in the 2019 market, overall.
Buyers who enter the market this year will enjoy lower competition, encounter fewer bidding wars, and may even be able to negotiate certain concessions.
As for sellers, realize that we are still technically experiencing a seller’s market here in Seattle. In other words, while conditions may be shifting, those who take the proper steps to prepare their home for sale can still earn top dollar.
The bottom line is this: 2019 is going to be a great year for real estate. But, regardless of market conditions, the best way for buyers and sellers alike to ensure their success is to partner with an experienced agent. If you or anyone you know would like our assistance in making your real estate goals a reality, we would be happy to help.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.