Are you looking for a home? Are you tired of being a buyer in a seller’s market? Take heart, you are not alone and the good news today is…the tide is starting to turn!
Experts predicted the market inventory might loosen up in late summer, and their predictions have proved accurate. Rising costs and lack of available homes finally discouraged enough buyers that sellers had to respond. As the summer has gone on, more inventory has gone unsold, and more prices have been reduced as sellers hope to widen the pool of potential buyers.
Higher interest rates and the loss of tax benefits for some buyers have driven the slowdown, along with the lack of smaller, more affordable homes for first-time buyers. New home construction has tried to fill in some of the low inventory markets, but since new homes have higher price points, they still tend to be out of reach of many younger buyers.
For this reason, some builders are starting to construct smaller and more affordable homes in an effort to appeal to the millennial buyer. Also, the burgeoning new construction may appeal to older, more established homebuyers, leaving less expensive inventory on the table for the first-timers.
What is in store for 2019? Some say the market pressure will continue to ease up and that prices will come down as inventory goes up, or that the market will plateau and flatten out. On the other hand, some analysts fear that what goes up must come down, and are bracing for a housing market crash in the coming year. Those who feel the economic growth in the US has to level out, and that trade protectionism plus a strong US dollar could herald a recession, predict this could potentially cause a swift market correction in real estate.
No one can say with 100% certainty what the coming months and years hold for real estate buyers and sellers. That said, Setco can promise to provide both with expert title services for all your closing transactions. Our offices are conveniently located throughout the Florida Panhandle, and we offer a full range of tools and resources and will custom tailor our approach to meet your unique closing needs.
Please click below to learn more about how we can help you get to your “home sweet home” moment, in any kind of market.