If you're looking to buy a home or any other type of real estate in 2019, you need to know what the market looks like first. This may not dictate your decision -- if you need to buy, you need to buy, no matter what the market does -- but it can help you make an informed decision. The more you know about the process in advance, the better off you'll be.
With that in mind, here are a few 2019 market trends to consider:
- Prices have been going up, and they're going to keep doing so. This is a far cry from the low prices back around 2011 and 2012. Prices have skyrocketed and the market has really rebounded in the wake of the recession.
- One major reason for those high prices is that there is a housing shortage. More people want to buy than are looking to sell. This makes it very competitive. It can mean that homes sell for over the asking price as buyers try to outbid one another.
- Mortgage rates have also been on the rise, largely for the same reason. People are willing to take on higher rates and have the money to do so. However, some experts think that the rate of increase will slow down.
- If you're interested in a new build, many builders are focusing more on starter homes. These are smaller houses aimed at first-time buyers. With more potential buyers than sellers, though, it just makes sense to build the small, more affordable houses that these buyers want.
No matter what type of real estate you want to buy this year, make sure you are well aware of the legal steps you'll need to take.