A Fall in Housing Prices Predicted for 2019
Recent Real Estate data, along with nationwide housing trends, predict that there is expected to be a surge of lower prices in the housing market come 2019. This prediction is partially due to the widespread availability of newer housing options, seeing as construction over the past few years has been at an all-time high. Chief economist of Zillow, Svenja Gudell, states “As the number of homes for sale increases and home value appreciation slows, we expect the market to meaningfully swing in favor of buyers within the next two to three years”.
News of this surge of lower prices has been long awaited by buyers who feel they have been pushed out of the market due to rising prices. In combination with recent popularity in the Metro area, the housing market has primarily been a sellers market over the past few years with prices seeming to skyrocket year after year. Local Real Estate data company, Location, Inc., used numerous variables in the Metro area to predict trends.
Those predictions came back positive for potential residents, as the market is likely in the process of shifting from a sellers to a buyers market by 2019. Although, it should be noted that Colorado historically has weathered housing crises far better than other areas of the nation.The strong economy and influx of incoming residents has allowed Coloradans to feel as though they can afford their homes. Along with other experts, Gudell of Zillow concurs with these predictions, giving buyers an incentive to start shopping.