What is the 2019 housing market forecast? What will the real estate market look like in the coming year?
At Bittinger Team, REALTORS, we know the market has looked a bit crazy over the past two years. 2017 saw the best housing sales in nearly a decade, and the US housing inventory hit the lowest level in recorded history in the winter of 2017-2018. We’ve been in the midst of a seller’s market and buyers have had to contend with strong competition and high prices.
The good news though, is that the market is continuing to stabilize as we move into 2019, getting better for buyers and still remaining very strong for sellers. At Bittinger Team, REALTORS, we pride ourselves on being the premier team of Realtors serving Canton, MI. With over 35 years of experience, our agents understand the market, with all its ups and downs, and have helped thousands of people find their dream home.
Housing Market Forecast 2019
Like 2017, 2018 was still very much a seller’s market, with home inventory being low and prices on the rise. The 2019 housing market forecast predicts some of these trends will continue, albeit at a more manageable rate. Realtor.com expects home prices to continue to rise in 2019, though at a much slower rate than we saw in 2017 or 2018, with just a 2.2% increase nationally. Home inventory is also expected to rise in the coming year, although only at a modest 7%.
So what does this mean for you?
As a home seller in the Canton, MI area, this means you will most likely still be in an advantageous position if you are looking to sell your home in 2019. Inventory is still relatively low, there remains a decent amount of competition among buyers, and profits will likely stay high.
Ready to take the next step in selling your Canton, MI home? Click here.
If you’re a buyer, don’t fret! Although things are still looking pretty good for sellers, the market is continuing to level out, which means we should see a much softer seller’s market in the New Year.
The multiple offers and bidding wars that characterized the last two years are a natural part of the ebb and flow of real estate, which we expect to see level out soon. Sellers will have to competitively price their homes if they want them to sell quickly and not remain on the market too long, which is good news for buyers.
Is a Housing Market Crash Coming in 2019?
There is understandably some fear or apprehension surrounding the housing market, given that Michigan was particularly hard hit by the housing crisis ten years ago.
However, there are key differences between the market today and the market a decade ago. For starters, there are much lower rates of subprime housing loans compared with the years leading up to 2007-2008. Secondly, we are seeing historically low foreclosure levels, indicating that people are living within their means and not purchasing homes they cannot afford.
Furthermore, instead of an oversupply of homes like we saw ten years ago, today we are experiencing a housing shortage resulting in rising prices. The demand for affordable houses far outweighs the supply of houses for sale and new construction homes. This means we are not in the midst of a housing bubble like that of 2007.
The Outlook is Positive
If you are looking for a real estate agent in Canton, MI, then Bittinger Team, REALTORS has you covered. Whether you are a buyer or seller, all signals point towards the real estate market being strong now and remaining strong as we enter 2019.
If you are interested in finding and buying the home that is right for you and your family, check out our home buying tool here. If you would like to talk to one of our highly experienced agents contact us by clicking here.