We are a little over halfway through 2019, and we’ve taken a bit of time to sit back and look at what the housing market has looked like this year. It gives us a great opportunity to make predictions for the housing trends for the remainder of the year. So, what does the rest of 2019 look like for housing trends?
Home prices are going to keep going up
At the end of 2018, it was forecasted that while home prices this year would continue to rise, they would be rising at a slower rate than they were last year. So far, this is a prediction that we have seen to be true, and it is continuing to rise for the rest of the year, albeit slowly. At the end of the year, you can anticipate your home selling for only 2.2% more than it would’ve a year ago. So whether now is the time to sell or not is up to you, but the profit margin is not nearly as dramatic as it was a year ago.
The demand for homes is higher than the supply
It has been a sellers market since about August of 2012. And the demand for homes has continued to rise ever since, especially here in Utah. There are more potential buyers than home available to be bought, in most areas. While the market still favors the sellers in a lot of areas, the scale is starting to even out and be beneficial to buyers again soon.
You could probably save by refinancing
Because there seems to be a pretty consistent drop in mortgage rates, it’s a great time for buyers who are looking to buy a new home. However, current homeowners can also benefit from this housing trend! If you are a current homeowner, you can inquire about a refinancing for your home loan and potentially save money on your monthly mortgage payments.
Sellers shouldn’t be overconfident
In the past few years, people looking to sell their homes have seen quick closing and bidding wars in order to meet the needs of home buyers. However, people selling their homes in 2019 shouldn’t count on this trend to continue. Despite it still being a sellers market, most homes are priced above a first-time buyers budget, and with a third of home buyers being first time, chances of a bidding war breaking out are incredibly low.