With 5.51 million existing homes selling in 2017 and 612,000 new constructions, is 2019 a good time to buy a house? In 2018, the cost of housing saw an increase as well. Should you buy now or should you wait?
While you don’t have a crystal ball to figure out exactly what is going to happen, we will talk about some trends and predictions to help you with your decision. Continue reading this article to figure out if you should buy a house now.
Is 2019 a Good Time to Buy a House?
Knowing when to invest in real estate for your residence or as a rental property can be confusing. The scare of 2008 has kept a lot of people out of the market, but you could be losing out on a lot of opportunities because of fear of what might happen.
If you look at trends and expert predictions, you can get a good feel for what will happen in the housing market this year.
1. House Prices Are Going Up
With house prices on the rise, you may want to jump in as soon as possible. By Sept 2019, experts expect home prices to go up by 5%.
With housing prices rising throughout the year, you should seriously consider preparing to buy a home. If your credit score isn’t at its best or you don’t have enough money to put down, you may end up paying more money for your home in the long run.
2. Mortgage Rates Are Going Up
As we go through the year, mortgage rates will rise. With increasing mortgage rates, you’ll end up paying more on your monthly payment.
Does that mean you shouldn’t buy a home in 2019? No. The cost of housing could continue to rise even after 2019 so purchasing a home when you know it is the lowest it is likely to be within the year is a smart move.
If you aren’t sure where your local real estate market is right now, you can partner with a real estate agent that knows what is happening in the market. Having an expert opinion will allow you to get a good idea of what is a good buy and what you should pass on.
3. Millennials Are Buying Homes
Millennials are taking over housing as they get older and become more stable with careers and savings to put on a down payment. With millennials buying up houses and baby boomers downsizing, it is easier for millennials to find a home they want and for baby boomers to get rid of homes they no longer need.
Before you buy a home, make sure to ask yourself important real estate related questions. Questions like whether the home is going to be a good fit for your family, if you plan on staying long-term and more.
Upping Your Real Estate Game
Are you considering buying a second home and asking the question, “Is 2019 a good time to buy a house? Buying a second home could be so you can enjoy it yourself, or you might want to rent it out for extra money. Read our article about buying a second home today to learn more about best practices as you’re going through the process.
