2019 housing and mortgage trends
If you’re looking to buy a home in 2019, this may be a tough year to do so. The demand for homes keeps increasing, and the inventory isn’t getting any greater. However, there is some good news for first time home buyers and sellers this year. Here are some trends to look out for in 2019.
2019 will still be a seller’s market
For the past few years, it has been a seller’s market in the real estate world. In many desirable areas of the country, there simply aren’t enough homes available for sale. If you plan on being a seller in 2019, this is good news for you. Your home value will stay strong and you’ll likely find your house in high demand.
Home prices will rise
Many major markets are experiencing a high demand for homes. Because of this, home prices will keep rising throughout the year. While that’s good news for sellers, many home buyers might find it tough to afford their dream home in 2019. For greedy sellers, however, it’s important to note that lenders will still be watching out for inflated homes.
Homes remain unaffordable to many
For buyers seeking to find a lower priced home, 2019 may be a tough year in some major markets. With the demand for houses being so high, the limited inventory has forced home prices up. With high down payment requirements and limited inventory, new home buyers may struggle with the rising prices.
More starter homes will hit the market
To help combat the high demand for homes, some developers are reducing the size of their new developments. These smaller homes will be more affordable to first time home buyers. With smaller footprints, more houses can be added to developments as well. This will be great for buyers looking for starter homes.
Lending standards lower
Since the housing recession, lenders have been much stricter in regards to their lending standards. It hurts the entire economy when people can’t afford their mortgages. Slowly over the past year, those standards have been loosening a little. This will also help more first time home buyers to enter the market.