The real estate market always seems to be in constant flux. Seldom is there a situation where buyers, sellers, builders, and home remodeling businesses are able to benefit from trends in the market. While the housing market has been recovering since the recession that marked 2008 and 2009, 2019 looks to be a year filled with grow for the real estate market. More jobs, more opportunities, and more sales of homes may all occur in this coming year. If you are preparing to be a Real Estate Person or Broker, you may try this free trial question practice test to help you pass the examination in one try.
Let’s take a look at where today’s real estate market is predicted to go.
A Buyer’s Market
Now is the time for buyers to consider purchasing the home of their dreams. Experts predict that the median price of homes will flatten before they will begin to dip once more, which means sellers will be far more willing to sell more cheaply in the current market. They will also be willing to negotiate to avoid trying to sell when the market recedes once again.
Construction should grow as demand continues to increase. Custom home builders have already seen a significant rise in popularity. This is because more people are able to take reasonably priced loans which allow them to begin construction on the homes they’ve always dreamed of having. Renovations on existing home that include adding new rooms to homes, renovating rooms such as the kitchen, and reshaping the partitions of existing homes will also be popular in 2019 as the selling market stays stable.
Credit Woes Continue
The field of credit is incredibly complex. Concerns that the real estate market could face another recession, merges of financial institutions, and stringent guidelines on federally backed loans will make acquiring mortgage loans and refinancing even more difficult than they were to acquire in previous years. This may also have an effect on the real estate market as a whole. Closing fees and other costs associated with the cost of real estate may increase the cost of real estate as a whole.
Low Interest Rates
Rates on mortgages will continue to be lower into 2019. This is the direct result of lenders trying to facilitate more loans in a market where credit standards remain strict, and the demand for new homes remains fixed. These low interest rates are likely to persist, as a spike in rates could make it incredibly difficult for anyone to buy or sell real estate.
While the real estate market often carries a large degree of uncertainty, there are still certain trends that will likely continue into tomorrow. The need for custom homes, strict guidelines on credit, and lower interest rates are all trends that will likely continue into the remainder of 2019. The one trend that is uncertain involves how long the market will favor buyers. It may be advantageous for buyers to act now rather than later, especially if you want to receive the best value possible for your purchasing decisions.