The 2019 housing forecast according to realtor.com is pretty interesting. Here are some key insights that stuck out to us:
HOME PRICES will still rise, but at a much slower rate than we’ve been accustomed to… 2.2% nationally.
HOME INVENTORY will also increase… but less than an expected 7%, it is higher bracket homes that will see the largest inventory growth (these are $1M+)
HOUSING FOR FIRST-TIME HOMEBUYERS will still be tight around the Twin Cities, however homebuyers will have more negotiating power, and sellers will need to make more compromise.
LISTING STRATEGICALLY for the Twin Cities marketplace will be necessary even when the coming year will sway toward a ‘sellers-market’. This is because believing that one can get their home put on for TOP price, and sell VERY quickly, will be surprising when a prompt sale doesn’t occur if it is not priced to sell.
RATES for mortgages are expected hit 5.5% by the end of 2019
MORTGAGE MARKET – Millennials will account for 45% of mortgages, with 37% going to Gen Xers, and 17% to Baby Boomers in 2019.
Using a licensed Realtor who knows the market inside and out, will be more important than ever, if you want to move your home quickly – your home must be priced to sell.
Contact us if you or someone you know might need some guidance regarding the best time of year to go to market.