“We’re seeing a lot of millennials, athletes and hedge fund individuals from the East Coast,” Rochelle Maize, executive director of the luxury real estate division
What will happen with the real estate market in 2019?
It’s not an easy task to predict the type of real estate market we will experience in 2019. It’s not as simple as a choice between a buyer’s market and a seller’s market. Of course, we can’t precisely pin a place that the real estate market should be thriving in 2019. However, we can make a few predictions based on information and studies provided for us in 2018 and 2017.
Here are a few points to keep in mind when analyzing the real estate market in 2018 to deliver predictions for 2019:
The Economy Is Growing Healthy
If you take a look at data for the US economy for the next 6 years, you’ll see a positive picture. This, in turn, will stimulate the homes! The strong economy and similarly strong job market should increase the demand from home buyers.– when the economy is good, people want to buy
The US real estate market has witnessed strong demand and short inventory of homes this year, making it a . In 2019, experts believe that new housing construction will start to rise. Cities with the most construction include Dallas, Houston, and Austin, reflecting strong recovery.
Millennials Are Driving the Market
Millennials are a big demographic group and as they’re getting older and settling down, they’re getting into their home buying years. Persistent demand from millennial buyers can be seen across the country from New York, Miami, to Los Angeles. Millennial demand is one reason making 2019 a good year to sell your home.
Mortgage Rates Are Increasing
Mortgage rates have been steadily rising throughout the year. Now, mortgage rates are higher than they were at the start of 2018.
Prices Will Continue to Increase
The median home price in the US rose by 8.1% over the past year. Given the current (imbalanced) supply and demand situation, it appears that this ongoing trend of rising home prices will continue in most US cities throughout 2019.
If you’re looking for more detailed information, please read this blog post: