Wouldn't it be nice if real estate was predictable. Unfortunately - it is anything but that. There has to be room for the uncertainty, making real estate an exciting and invigorating industry. Below you will find insight from today's real estate experts.
“If mortgage rates trend sideways next year, as we anticipate, and home price appreciation continues to moderate, improving affordability should breath some life into the housing market," said Doug G. Duncan, chief economist at Fannie Mae.
National Association of Realtors
NARS anticipates home sales to plateau but the market price to continue to increase at a slower pace.
"The forecast for home sales will be very bring — meaning stable,” said Lawrence Yun, NAR chief economist
“Inventory will continue to increase next year, but unless there is a major shift in the economic trajectory, we don't expect a buyer's market on the horizon within the next five years,” said Danielle Hale, chief economist for Realtor.com
Redfin predicts the number of home owners will grow more rapidly in 2019 as speculators and investors leave the market.
“There’s quite a bit of uncertainty around our price forecast,” said Daryl Fairweather, Redfin chief economist. “There’s a real chance prices could fall below 2018 levels, putting up negative growth for the first time since 2011.”
National Association of Home Builders
“The market has been moving away from higher-end, higher-priced, larger homes over the last two or three years to more entry level,” he said. “Our surveys show we’ve gone from a new construction market that had been less than 20 percent dedicated to first-time home buyers to now closer to 30 percent, which is closer to historic norms.”
Mortgage Bankers Association
“The supply of homes for sale and lack of affordability continue to be challenges for the housing market,” wrote MBA economists Michael Fratantoni and Joel Kan. “Even with the anticipated cool down in economic growth, we expect that housing demand will remain strong, mortgage rates will stabilize, wage growth will increase and home price growth will moderate, providing favorable conditions for growth in the home purchase market.”
Enos Executive Team
Our team’s outlook on 2019 is this: if you are thinking about making moves, the time is now (pun intended). Majority of experts are predicting a more favorable year than 2018 and there is no guarantee for what 2020 will bring. The most important thing to keep in mind is that the market isn't necessarily unfavorable, rates are still low compared to historical averages, supply is increasing and the future will continue to be unpredictable.
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