The new year is almost upon us – can you believe it?! It feels like the 2018 year FLEW by. The housing market for this year was an interesting one. (Yes, I realize the year is not over yet, but real estate-wise, it’s winding down drastically) But, let’s talk about what the word is for the 2019 housing market across the US.
With interest rates rising and expected to rise even more in 2019 that may cause some disruptions. Home prices have been rising, are currently rising, and are still projected to rise next year. SO with higher home prices and higher interest rates home buyers will have to find a way to adjust for the increase in fees; whether it’s to buy a less expensive house, or to get a second job to afford the one they want, or to not buy a house at all and simply save up. Less buyers out on the housing scene will affect the home sale prices – meaning, possibly less bidding wars. More contingencies may be used (inspection and appraisal are the 2 biggest).
So what kind of market will it be? A buyer’s market or a seller’s market? Right now, it’s looking like more along the lines of seller’s market but, and I mean BUT it will be less aggressive than the past 2 years. Or so it should be across the US, but for Green Bay, WI, I guess we will see.