What Home Buyers Can Expect in 2019
The home buying market is ever-changing. To entirely predict the state of any market is impossible. However, those who are tapped into the market can still get a very good idea of what it will look like in the future. The economic team at realtor.com, for example, is uniquely positioned to gather and analyze a wealth of housing data in order to come up with a 2019 forecast for the home buyer’s market. Here are some key takeaways from this forecast for those looking to buy a home in 2019.
Increased number of homes for sale – particularly luxury homes. Although homes have been hitting the market over the past few years, it hasn’t been enough to keep up with demand. Last winter the nationwide inventory of homes actually hit its lowest level in recorded history, but over the past year the market has gradually recovered. Growth is expected to continue into the next year at a rate of about 7%. However, most of the growth is expected to come from listings of luxury homes, which are, of course, pricier.
It will still be difficult to afford a home. Although there will be more homes on the market, both mortgage rates and home prices are expected to increase. Mortgage rates, currently sitting at 5%, are expected to increase to 5.5% by year’s end. This means the monthly mortgage payment on a typical home listing will be about 8% higher next year.
If you’re looking to buy a home for the first time in 2019, be prepared to buckle down and save as much as you can. Get your credit score in order, check out the best loan plans for you, and don’t rush the home buying process.
If you have more questions about the particulars of home buying, then you can rely on Stonebridge Mortgage Group to help guide you through the home buying process. We help get you pre-approved for a mortgage and assist you with your real estate loan and other mortgage solutions, both residential and commercial. We serve the greater Portland area and are located in Gresham, Oregon.