What is 2019 bringing us? Now that 2018 is over that seems to be the big question.
Here’s what to expect: though rates remain lower than what they were during the recession, they are still going to be fairly high in 2019. Home buyers should expect 30 year fixed rate mortgages at around 5.8%. Despite this, studies are showing that millennials are still buying homes.
In 2019, Millennials will continue to make up the largest segment of buyers. According to studies they will account for 45% of mortgages, compared to 17% of Boomers, and 37% of Gen X.
We should also expect inventory troubles to ease in 2019 (not much though). New construction homes have increased, while the pace of sales has slowed slightly.
Rent is expected to rise in 2019, especially in areas such as NYC. This means New Jersey will find more people relocating.
Yale, Aly J. “2019 Real Estate Forecast: What Home Buyers, Sellers And Investors Can Expect.” Forbes, Forbes Magazine, 7 Dec. 2018, www.forbes.com/sites/alyyale/2018/12/06/2019-real-estate-forecast-what-home-buyers-sellers-and-investors-can-expect/#7a06dff670d9.