Welcome to our first eNewsletter for 2019. I’m really excited about the New Year and helping our clients with meeting their home selling or buying plans.
2019 Real Estate Forecast: What Home Buyers, Sellers And Investors Can Expect
2018 was a wild ride with the beginning of the year starting with record high home prices, low mortgage rates, and a secure seller market. By mid June however, inventory of homes doubled, interest rates rose and that combined with higher home prices, buyers paused and the market shifted. The number of days on the market to sell homes doubled or in many cases tripled. Sellers had to adjust prices downward and many times give concessions to close the deal.
For the last 10 years we’ve had a sellers’ market. Where are we headed next? Starting in 2019, I believe we will continue to see a brisk pace of homes being sold. But with that being said, I also see a tale of two markets. Meaning homes that are considered to be in the lower price range for an area will continue to experience high demand, while homes in the upper tier and luxury market will see a noticeably slower pace than previous years with significant increases in inventory.
Interest rates will rise modestly and affordability will continue to be a challenge for many buyers. Home-ownership is still a dream for many families and I think with planning and savings it can be fulfilled in 2019 for first time buyers.
I’ve prepared a report for San Ramon home prices for the last year which shows appreciation and days on the market. If you would like a report for your area, just call or email me and I’ll send it right over. Here’s to a fantastic year ahead!
If you are thinking about listing your home for sale this year, let’s get together to properly price your home from the start!