An Ever-Evolving Market
As recently discussed on our blog, the market as of late has been in favor of sellers as opposed to buyers. But the good news: recent data shows that this is likely to change soon! Later in 2018, buyers may have the opportunity to take charge of the market. News of mortgage rates and home prices increasing by mid 2019 gives potential homebuyers the chance to reconsider in 2018.
According to CoreLogic and the U.S. Census Bureau and Department of Housing and Urban Development, there is a prediction that median home prices are expected to increase by 3.9% in mid 2019. Mortgage trends and experts have similarly suspected that mortgage payments on a median-priced home could possibly increase by 10% in 2019. Yet it must be noted that no prediction can ever be taken for fact, and the market is unpredictable at times. Although something which should be given a great deal of acknowledgement is the increasing availability of housing and simultaneous, but slowly, decreasing demand for housing.
The previously noted pairing of increased availability and decreased demand is highly beneficial for homebuyers. Demand for homes in 2018 has given sellers the upperhand, while buyers may have the opportunity to take reign of the market in the latter half of the year. Considering this, the data encourages potential buyers to reconsider a home as the market could possibly shift in their favor. Step over sellers, and make room for buyers!