Housing Market to Favor Buyers in 2019
There’s no doubt that the housing market over the past few years favored sellers , with low inventory driving competition, and pushing prices higher and higher throughout much of the country. But industry experts predict the market will change by 2019 to favor by buyers which has come to fruition.
Home prices, which have been on the rise for 4 years now, are expected to slow to 3% appreciation by the conclusion of the year, according to Zillow, which will be a sure sign that the market is shifting.
“The housing market has been favoring sellers for the past few years,” said Zillow Chief Economist Dr. Svenja Gudell in a press release. “Over the past four years, sellershad the luxury of listing their home ‘as-is’ without fixing it up or with only minimal window-dressing since demand for homes has been high and inventory low.”
Sellers received multiple bids, and in the hottest markets, sold for over asking price, but these conditions have changed. The number of homes for sale has now increased and home value appreciation has slowed. The market has meaningfully shifted in favor of buyers and we expect it to remain in an adjusted market over next two to three years.
If you are thinking of buying or selling in 2019, reach out to us today so we can educate you on the market conditions and the strategies we will implement to make it a winning market for you!