For many, especially cash-strapped buyers, they will be lucked out in the home-buying process. The more potential buyers will have more of an upper hand as they will still be placed to make their decision in the market to stay in their current home and renovate it as much as they can and enjoy the low mortgage rate it already has. In terms of the prices in the market, they are to rise as the people in the housing market begin to acclimate to their current statuses.
More Home Options
Among the many complaints in last year’s market, the lack of homes was a major issue. For the past several years, in fact, there weren’t enough homes to choose from for many home-buyers as there weren’t many being sold on the market. A reason for this was due to how it dropped around 2017’s winter season, which continued onto 2018, slowly being rebounding those efforts steadily. This also leads to more bidding wars in the market, price increases, and the emotional state of utter frustration of not being able to afford the house of their choosing.
For the supply crunch, there are some predictions of alleviation during the 2019 market. Inventory is said to rise around 10%-15%, Yun predicts, but this increase will affect more towards the mid-to-high ends of the housing market. This will lead to houses being priced around 250,000$ and more, especially if they were newly built.
Danielle Hale from Realtor.com does provide good news to the matter. She says that it will be beneficial for the move-up buyers, but it won’t be as beneficial for the millennial buyers that are looking for a house.
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