Is the Housing Market Up or Down for 2019?
Have the experts and organizations that run surveys and gather data determined that the 2019 housing market will be a seller’s market, or a buyer’s market? In the past year, real estate prices have appreciated by 7.6 percent hitting all-time highs, while housing inventory has been coming up short.
However, in the last few months there have been reports that markets in many areas of the country are starting to soften. But, just because some of the metrics are down, doesn’t mean the market is on the verge of another swing.
No matter what the reports on the housing market say, buying or selling a home is an important economic decision. It shouldn’t be based on what third-party formulas are saying – your current personal situation is what counts.
“Colorado Springs is a unique area with a lot of positive things happening,” Bobbi Price with The Platinum Group, Realtors said. “We can be buffered from what can happen in the rest of the country.”
- Are your finances in order or do you have significant debt to pay down?
- Is your job sufficient to pay your monthly mortgage, and do you have enough saved up in the event that you run into hard times?
Having these things under control before you purchasing a home matters.
Even though prices are coming down or seem to be stabilizing, buyers who wait for the bottom to drop out may be out of luck. If you have the ability to purchase a home, and the price is right, it might not be wise to wait even longer.
“Keep in mind, the market below $500,000 is a totally different market than above that price point,” Price said. “The higher end properties are more likely to bring prices down than the lower end (under $500K).”
And, while mortgage rates have increased slightly in the last year, but they are still historically low – waiting too long may mean missing out on low interest rates.
On the other hand, sellers need to recognize the shift in the market, be mindful of competition and price their homes carefully.
“We are still experiencing multiple offers on properties and the market is still strong depending on where the house is and it’s pricing,” Price said. “Houses have to be priced well for them to sell.”
Either market can last months, or sometimes even years, depending on the driving forces behind the change. The only thing that is certain is the housing market will change eventually, but forecasting the duration and timing of changes is complicated.
There are times when conditions do not necessarily favor either buyers or sellers. This usually occurs between transitions to either a buyers’ or sellers’ market. When there are market changes, it doesn’t happen overnight and there is a period in between when demand and supply are nearly equal and pricing stabilizes.
The experts at The Platinum Group, Realtors have years of experience and unlimited resources for valuable guidance in navigating the complexities of each market type, so you can make the best assessments for your family.
For a no-obligation consultation, call today: 719-536-4326 or visit PlatinumHomesSales.com.