Housing Trends in 2019
Housing Trends in 2019 – The last few years have shown us a frenzy real estate purchases and elevated price tags. “I believe in 2019 we’re starting to see a little bit of a shift,” stated Cheryl Youthful, senior economist using the housing website Trulia.
(Looking to buy a home in the Rio Grande Valley? Click HERE to search the MLS directly. There is no need to contact a real estate sales person.)
Housing – Prices are Up, and Inventory is Down
Home values continue to be increasing, but Youthful stated they’re climbing at a slower rate. Even still, affordability is a deterrent or problem for a lot of homebuyers in 2019. Higher costs are putting a squeeze on the consumer’s wallet.
“We don’t see a big infusion of housing supply coming on any time soon, and because prices are still going up and they’re outpacing wage growth, affordability is worsening, and that might finally cool down some home buying activity,” Young said.
(From Corpus Christi – Housing Trends in 2019 – Like this article so far? Please subscribe to our blog.)
Mortgage Rates Climbing Trending 2019
Home loan rates are another major player in market projections for 2019. This past year, mortgage rates were at a seven-year high. While they’ve since dropped, Youthful expects they’ll “go up during the latter part of 2019. This effect, making home-ownership much more challenging for individuals on a tight budget.
Those consumers who are searching to purchase a house and secure a home loan at a set-rate, as rates go up, they are fully aware they’re likely to be spending more on housing every month, according to Youthful, who added that the higher rates may put some “downward pressure” on home values.
In the long run, demand might have to drop a bit curving down costs. Even if a little bit of this trajectory realizes itself, people would be inclined to postpone their purchase until a more favorable environment occurs.
Aging Millennials enter the Housing marketplace
As individuals within the millennial generation age into their 30s, more and more will desire homeownership. Student debt hinders millennials from saving money for that down payment. However, Youthful believes this generation will be the largest societal group jumping into the real estate market this season.
Based on data from realtor.com, millennials take into account 45% of mortgages, when compared with 37% of Gen-Xers and 17 % of boomers.
Sellers may need to become more competitive
Sellers have had the “high ground” for quite some time now. Home sellers had lots of attention from competing buyers, and supply was somewhat lower. This meant sellers were sitting pretty and could be “picky” about what offers they would entertain. However, in 2019, sellers may see their climate change somewhat and be forced to adapt or sit. Keep in mind; these are beginning trends. No one knows how far the pendulum will swing. Sellers abreast of the situation will remain competitive and liquid, despite where the pendulum stops.
Citing a current Trulia survey, Youthful stated Americans possess a more pessimistic outlook on selling a house this season, when compared with last.
Cheryl Youthful, senior economist using the housing website Trulia believe that’s because price growth is starting to slow along with diminishing home sales. These changing 2019 trends are enough to make sellers a bit more cautious.
Purchasing a home? Plan Ahead and Save Money
Young’s best suggestion for purchasing a house in 2019 would be to “prepare, prepare, prepare.” Whether you are saving for that big down payment or need to create a strategy to increase your credit score for the optimal deal, plan with patience. Research more by reading real estate blogs like this one, prepare, then execute. There are a lot of factors you can’t control, but where there is a will, there is a way. Be strong and stay the course.
When the time is right, hire a local real estate expert. Interview a few of them until you find the right one for you. Corpus Christi – Housing – Realtor.
So, together with your realtor, consider what your must-haves are, what you can accept, and what you can not except, regarding home functions and amenities. This also pertains to geographic location. Which neighborhood you will accept and which ones you won’t. Put these realistic conditions with a realistic cost, and you will be well on your way to homeowner victory!
(If you are looking for a home in Corpus Christi, Click HERE to search the MLS directly. There is no need to contact an agent.)
Housing Trends 2019 Conclusion:
The market is a roller coaster with people getting on and off every day. We see sales slow a bit, maybe enough to curve the current supply and demand trajectory. Expect the rest of 2019 to be somewhat of a cooling off period. See My Active Agent to learn more. Whether you are buying or selling the best advice I can give is to continue educating yourself and “Prepare, prepare,prepare.”
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