As we put 2018 to bed, it’s time to turn our sights to the 2019 housing market and all that it could hold for Youngsville, the greater Triangle area and beyond. Market experts have begun making predictions for what house buying could look like in 2019.
Increased confidence in the economy has led many Americans to loosen their belts when it comes to home buying. This increased demand leads to increased construction of new homes. As supply and demand stay on the path they’ve been on, we can expect housing prices to go down. Eager to sell your home in 2019? You may want to do so sooner rather than later. Those looking to buy, on the other hand, should consider holding off until spring or summer 2019 to see what the market does.
Increasing Interest Rates
With the Federal Reserve raising interest rates, however, buying a home may still be too expensive for many Americans. Low wages and expensive rents have limited some people’s ability to save up for a down payment. With this in mind, more folks will move out of costly housing markets and head to the suburbs instead.
The Specter of Another Recession
Though the economy is strong for now, experts say it may not last as long as expected. In fact, some predict another recession could be in store for late 2019. Should this occur, the demand for homes will decrease. Consequently, house prices will drop along with the number of sales. Of course, all of this depends greatly on just how bad the recession will be.