As if there was going to be another year of intense markets and bidding wars for houses yet purchased, it seems apparent that this year’s housing market is to be a rather slow and steady one than its predecessors, which realistically began during 2018 with its housing market. How that year began as hot as it can be for the time until, throughout the year, the buying waned off and fell thanks to higher prices and little choice given to the buyer, leaving them to do nothing than to pay for their very first home.
There still remains the issue of affordability as we go through the 2019 year. For many in the market, there is much concern for rising mortgage rates, another courtesy is given by 2018’s market as well as its other issues that transferred onto the 2019’s market, but not by a whole lot as there are some expectancies of it loosening throughout the year. Of course, the volume of each price is expected to rise as well, causing fewer buyers to show up when the time presents itself.
Lawrence Yun from the National Association of Realtors states that for home sellers, there needs to be a consensus among them that the frenzy market days are no longer coming back, at least until there is any evidence pointing towards its return. With that mindset, these sellers need to strike the market with competitive prices in the market more so than ever in order to sell a house. He also states for the buyers, the main issues will be the interest rates that will rise, but that they will have more time to make a decision.
Rana Khanjani, MBA
San Fernando Valley Iranian-American Real Estate Agent
Providing Services in English and Farsi
Address: 22020 Clarendon St. 200, Woodland Hills, CA 91367