It feels like New Year’s was just yesterday, but we are already almost halfway through 2019 and the pattern of the real estate market this year has started to show clearer. So far this year, there seem to be three trends dominating the market:
1. Increasing prices.
Just like the past two years, homes’ values are still on the rise. However, compared to the 10% jump between 2017 and 2018, housing prices in 2019 seem to be increasing at a much slower pace.
2. Increasing mortgage rates.
After years of standstill, mortgage rates are starting to rise this year. This has forced houses to stay on the market a little longer than many sellers expected due to the consideration of mortgage commitment from buyers.
3. Invasion of millennials as interested buyers.
As the earliest millennials are stepping into their 30s this year, the generation is taking over the market. The design of homes being sold also seems to be changing to fit this targeted buyer. For instance, millennial buyers focus more on quality over quantity. This means buyers are interested in a well-designed and sustainable space rather than a humongous piece of land with no clear use.
Are you a buyer or a seller? What housing trends in 2019 have you found to be most true?