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Things To Watch For In Real Estate During 2019
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Mortgage Lending
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The new year is coming. We break out the crystal ball today: We had a great 2018 thus-far - the best year for housing since 2007.
How so? Well, with economic growth chugging along, employment will continue to increase, meaning that people will have more money coming in and they’ll be able to buy their first home or upgrade to a new one. Here's a closer look at the trends that will have the greatest impact on the housing market in 2019.
The interest rate you pay on your home mortgage has a direct impact on your monthly payment; the higher the rate, the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.
Mortgage Interest Rates
The chart above is created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next year.
Rising interests could affect the housing market because when the interest rate rises it significantly affects the buying power of the consumer.
Rising interests could affect the housing market because when the interest rate rises it significantly affects the buying power of the consumer.
Home Prices
According to CoreLogic’s latest Home Price Index, national home prices have appreciated 6.2% from this time last year and are predicted to be 5.1% higher next year.
If both the predictions of interest rates and home prices do increase as forecast show, families buying or selling properties will definitely be impacted in 2019. Buyers will be paying considerably more for their dream homes.
If both the predictions of interest rates and home prices do increase as forecast show, families buying or selling properties will definitely be impacted in 2019. Buyers will be paying considerably more for their dream homes.
Conclusion
Even a small increase in interest rate can impact your family’s wealth and your affordability on the home you purchase. Some economist suggest that with rising rates and steady home price increases could start to cause some stress on the US overall economy.
The housing market has been on fire for several years and at some point we will start to experience a slow down. Will 2019 be the start of a slowing housing market? We, hope not but it's difficult to argue if the current predictions and statistics ring true in the new year.
The housing market has been on fire for several years and at some point we will start to experience a slow down. Will 2019 be the start of a slowing housing market? We, hope not but it's difficult to argue if the current predictions and statistics ring true in the new year.
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