Forbes has 6 expert predictions for the second half of 2019:
· Millennials will drive the market
· Inventory will improve but not by much
· Home prices are headed up
· Mortgage rates will stay low
· Buyers can take their time in this market
· Some markets will provide better home buying opportunities than others
Of All Homebuyers Last Year Were Millennials
This is a prime home buying season for millennials. According to National Association of Realtors (NAR), 37% of all home buyers last year were made up of millennials. The slow down of the housing market has given millennials the opportunity to afford home ownership. According to Forbes’ predictions, housing prices are still expected to rise, but the current low mortgage rates have helped improve the affordability for home buyers. The housing market has become less competitive, and bidding wars have decreased drastically compared to the last several years. Now, buyers don’t feel rushed to close on a deal. Housing conditions continue to vary by market. Depending on what kind of house you’re looking for and the location, some cities might offer home buyers more affordable bargains due to the change in the regional housing markets.
Been Thinking of a Summertime Move?
If you’ve been considering buying a home, now’s the time to connect with a real estate agent who really gets the local market. Give me a call if you’d like to grab a cup of coffee and chat about your options!”