Real Estate Trends For 2019 And What Does It Mean For You?
1) The county wide sales for November of 2,890 was down 7%. Expect this trend to continue.
2) New Homes sold 408, down 2.4%, indicating housing starts could stall.
3) Existing single-family resale was 1,695 for November 2018, down 10.6% from a year ago.
4) Inventory, as previously stated is up 58%, and having been inventory starved for the past 6 years, this may be more of a listing feast than we wanted. Balance is a delicate feat in the world of real estate.
5) Market Time – Reports On Housing (ROH) predicts market time will increase to 124 days, compared to 62 days in 2017. It isn’t hard to see how these trends indicate the market has shifted and our cycle continues.
So what does all this mean to you? The answer to this depends on what you want? If you are a seller, who really needs to sell, it is vital that you price your home correctly; to overprice could lead to crucial extra time on the market to sell it, and prices could continue to come down as you wait. If you are a buyer, be sure you are properly qualified, so you are ready to compete with other buyers who have similar price ranges and needs, because for listings priced right, there could still be competition.
All in all, real estate will remain a great investment, probably the greatest investment over time, by leveraging your money, and fixing your housing costs. You have to live somewhere, why not pay yourself equity and not someone else.