I got a call yesterday from a client who said she thought this was the time to buy and she is ready to find a house. I agree.
Here are 7 reasons why it’s a good time to buy now… when the temperatures fall, the snow falls and the days are short.
- Less inventory, but also fewer buyers to compete with
- Prices are lower, and often more negotiable
- Less likely there will be multiple offers
- Sellers are more motivated
- Less inventory, but think of it like shopping the sale rack with new items and price reductions added daily
- If mortgage interest rates average 5.3% and hit 5.5% by the end of 2019 as predicted, the average home purchase would be 8% more expensive per month in 2019
- Inventory is expected to slowly increase in 2019, but don’t expect a buyer’s market within the next 5 years… we have a long way to go from the current seller’s market with a 2-3 months supply of inventory to a buyer’s market with a supply over 5-6 months
The biggest struggle for buyers in 2018 was heavy competition.
As interest rates and prices rise and affordability worsens, the biggest struggle for buyers in 2019 is more likely to be reconciling wants, needs and budget.
Contact us when you are ready to buy… we are ready to help.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
