Another year has come and gone, so today let’s take a look at what early signs are telling us about the direction our 2019 market will take.
For one thing, inventory is about to rise. Sellers often take their homes off the market during the later months of the year, and this tends to result in an influx of supply once January rolls around. The number of homes entering the market then generally continues to increase through March—generally the most active month of the year for new listings.
This gives buyers much more choice than they had in previous months. Naturally, this means sellers can expect more competition if they choose to list this spring. But don’t let this dissuade you from selling. The influx of buyers helps to offset this effect.
In general, 2019 is likely to be a year of cooling for our market. Appreciation rates decreased by approximately 2% last year, and with prices currently at an all-time high, this trend is projected to continue this year. This prediction is also supported by rising interest rates—which rose three times in 2018 and are expected to go up three more times again this year.
There’s no doubt that our market has peaked. So if you’re planning on making a move, you may want to do so soon before the downturn takes effect.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.