Realtor.com released their 2019 predictions for our national real estate market. And the #1 factor affecting real estate markets is affordability due to rising mortgage rates and home price appreciation. Here are some of their predictions-
Mortgage rates will average 5.30% in 2019 and hit 5.50% by end of 2019.
Home prices will appreciate only 2.2% on average.
Home inventories will increase by 7% in 2019. But, most of this inventory will be in the mid-to higher-end price tiers.
Home sales will decline by 2%.
There will be fewer bidding wars and multiple offers.
Millennials will make up the largest majority of home buyers, second will be Millennials, and third will be Boomers.
Realtor.com Chief Economist Danielle Hale said, “Inventory will continue to increase next year, but unless there is a major shift in the economic trajectory, we don’t expect a buyer’s market on the horizon within the next 5 years.”
So buyers will now have more than 4 hours decision time when buying a home in Denver’s hot market!!
If you are planning to buy or sell a home in 2019, or just want to chat about the market give me a call.
Call me today! 720-307-5280
