2019 Market Forecast: Good or Bad?
If 2019 is the year you're going to be selling or buying a home, you've probably already asked yourself, "Is it a good or bad market?" Well, what if we told you it's neither.
Abnormal vs. Normal
We no longer like to use the words good versus bad. A better way to phrase it would be abnormal versus normal, which is exactly what we're experiencing at the moment. We've gone from an abnormal market to a normal market. In an abnormal market, you usually see:
- One month of inventory (homes available to purchase)
- Unusually low interest rates
- Almost all the homes on the market receive multiple offers
- Home prices increasing every month
Does this sound like 2018 to you? If you were looking to buy a home last year, you will most likely agree that 2018 was an "abnormal" market. Homes were selling too quickly and with multiple offers, making it difficult for buyers who lost out to higher offers, or who just needed a little bit of time to think it over.
In 2019, we are seeing the market ease it's way back to "normal". In a normal market you usually experience:
- A healthy amount of inventory, which means buyers have more choices
- Buyers have an opportunity to negotiate
- Home prices increasing, but not as quickly or as high as the past few years
If you're a buyer, you've probably just given a sigh of relief. But don't worry sellers. It's still a great time to sell your home. Prices, on average, are still up and interest rates are still low, making it easier for homebuyers to afford homes. During this "normal" market, it's even more important for you to have an experienced real estate agent with the right skills to help you negotiate the best price so you can have the best outcome.
If 2019 is your year, contact a member of the BHURDinUtah team. With over 15 years of experience, we can help guide you as you make one of the biggest decisions of your life.