Considering buying or selling a home in 2019? Stay up to date on housing and mortgage trends so that you know what to expect!
1. Home prices and mortgage rates will continue rising.
Unfortunately, the rise in home prices and mortgage rates makes homes not very affordable in 2019. So if you’re considering buying a home, it may be smart to buy one sooner rather than later. Try not to wait so late in the year that the prices are out of budget for you.
2. The market is going to continue to be a “seller’s market.”
For the past 6 years and continuing into 2019, there’s been a shortage of houses on the market for the number of people that are looking for a home. This is great for sellers but not so great for buyers. So take advantage of this season if you’re considering selling your home, as there are many people looking for homes to buy right now!
3. Good news! It’s should be easier to get a loan.
In 2019, you may be noticing the requirements for getting a loan are gradually loosening up. This could be especially good for prospective buyers who don’t have high credit scores or can’t afford a large downpayment.
4. The market is full of first-time buyers.
Tian Liu, chief economist for Genworth Mortgage Insurance, estimates that from 2007-2015 there were 3 million Americans who wanted to buy a home but didn’t because of the state of the market. However, they are now getting to the point, he says, where they are having kids and raising families and they are starting to feel stifled by apartment living. If this is the position you’re in as well, you’re not alone. You may have a hard time finding a home this year or struggle with putting in an offer too late due to the high demand. Try to be patient with the market and be ready to move fast if you see a home you like for the right price!