Certainly, the market slowed the second half of 2018. There are numerous explanations and all have contributed to the drop. Yes, rates and prices went up simultaneously to make affordability a challenge. Yes, consumer confidence dropped and trepidation regarding international tariffs rose to cause some buyers and investors to take pause. Yes, there has been an increase in rental activity as more people have become more flexible, transient in career and job choices, putting settling down and starting a family on hold for now.
2019 will start out strong! Prices have dropped and will continue to do so until mid-Spring. The current buyers (those who have responded to our lead generation question of “when?” with “3-6 months”) will be jumping on the still low rates with the reduced prices. Inventory has dropped and will do so until late January when OUR Spring market launches. From that point through May, the real estate ,arket will be very active and positive with more buyers, better inventory, and true affordability.
What should our sellers do? Come on the market in January! What should our buyers do? Get pre-approved, see if you can grab a bargain right now, and be completely active in mid-January, ready to purchase.
Enjoy our prediction chart and we will check it again in May 2019. We’re as interested as you (or maybe even more so?) to see it confirmed.