The high point our market has been at for a while now may begin to taper off this year, but opportunities for buyers and sellers won’t. Find out why in today’s market report.
A common series of question I’ve received nonstop lately is, “What do you think this year in real estate will be like? How about 2020 and 2021?” I’ll shed some light on what I think is up ahead for our market today in my market report.
Well, 2019 is sure to be an interesting year for our market. Just last month, the number of closed sales for our area fell by about 6%. But beyond that, inventory remains low and the fairly low interest rates we’ve seen have not shown much movement yet.
“As we move further into 2019, we’re likely to see prices begin to correct themselves.”
Right now, buyers are proceeding with some caution due to the market hitting a peak. This may cause housing prices, overall, to plateau a bit.
But in lower-priced, more affordable price ranges, homes are still selling with little difficulty. It’s in the higher-priced ranges where a slowdown is occurring. And as we move further into 2019, we’re likely to see prices begin to correct themselves.
Nevertheless, the historically low interest rates we’re experiencing make now a good time to buy or sell. Motivated buyers should jump at the opportunity to lock in a rate somewhere in the high 4% to low 5% range.
Those that are thinking about selling this year can stay a few steps ahead of the price correction that I believe is on the way by getting their home on the market now while it’s at its peak.
For any questions about your home’s value, potentially purchasing a property this year, or anything else real estate-related, please give me a call or text at 843-212-7300 or shoot me an email at [email protected]. I’d be happy to assist you however I can!