by Mario & Jennifer Ruiz 02/2/2019
Are you thinking of buying or selling a home this spring? Here’s what you need to know:
Experts largely agree that the housing market is softening, but will it be a full-on buyer’s market? Definitely not — at least, not by springtime. Though buyers will certainly see fewer bidding wars, slower price growth and less competition this busy season, sellers will still have some leverage along the way as well.
Are you thinking of buying or selling a home this spring? Here’s what you need to know:
- Prices won’t skyrocket.
The last few years have seen massive jumps in home prices, especially during the busy spring buying season. This year price growth is likely to slow downa bit in most markets. We may see higher prices at the height of the buying season, but they’re unlikely to be drastically higher than those seen at the end of 2018. - Year-over-year inventory will likely remain stagnant.
Because mortgage rates are rising, many homeowners are staying put. New home constructioncontinues to grow, but it still lags behind buyer demand. This means we are unlikely to see an increase in listings from previous years. - Bidding wars will lessen.
The days of sight-unseen offers and heated bidding wars are mostly over. Except for a few hotter markets, most buyers will enjoy a slower-paced market and a little more leverage than in years past. - Sellers might have to make some concessions.
As mortgage rates rise, fewer buyers are looking to get in on the market, and that means sellers will need to do more to get their attention. This could mean more concessions and more room for negotiations.
Having a knowledgeable agent on your side is crucial to effectively navigating 2019’s changing housing market. If you’re considering buying or selling this year, get in touch today for personalized advice and guidance.
