Offered by Jan Hepp-Struck, Hepp Realty
It’s hard to believe that it’s already 2019, but here we are – Happy New Year! So, what’s on the real estate horizon for 2019? According to Realtor.com®’s 2019 National Housing Forecast report, buying a home is only going to get more expensive due to mortgage rates continuing to climb and home prices increasing. The good news is that buyers who can afford to buy will have less competition. This will be most evident in the entry-level homes where new inventory has slowed as builders put more focus on the mid to higher-end price tier homes.
If you are thinking of selling, it’s still considered a seller’s market, but that said, there is a change from the past few years. Pricing strategy is key as too high of an initial asking price can cause it to linger on the market longer. Additionally, for the mid to higher-end properties, the projected increase in available inventory means a probable end to bidding wars and multiple offers. This will most likely lead to longer sales time and could even mean the need to offer incentives.
Worth noting in 2019, according to Realtor.com®, Millennials (those born between 1981 and 1996) continue to make up the largest segment of buyers, accounting for almost half of all mortgages. Understanding the priorities of the buyers in that age range when it comes to amenities can help you with wise decision making for any planned improvements prior to placing your home on the market.
For proven expertise in establishing your home value and/or searching for a new or existing home, please call Jan at (303) 520-4340
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