Featured Listing of Century 21 All Professional – 3/2 Pool Home in PSL
Florida Realtors ® recently published a report about real estate predictions for the coming year from Realtor.com. Here is what buyers and sellers may expect in the Real Estate Forecast for 2019.
Interest Rates Continue to Rise
If interest rate hikes continue on the predicted path, buyers will have to contend with higher rates. By the end of 2019, mortgage rates could hit 5.5%.
Home Prices will Grow Only Moderately
Home prices are predicted to increase only 2.2% for 2019.
Inventory of Existing Homes for Sale will grow—But Not by A Lot
On average, under 7% more homes are predicted to be on the market during any given month.
Outlook for Buyers
- Rising interest rates will make it more expensive to buy
- There will be lots of competition for entry-level homes
- Most of the rise in inventory will be mid- to high-level priced homes
- Buyers must rationalize wants vs budget
Outlook for Sellers
- It’s still a seller’s market but sellers can’t necessarily expect to get their full asking price—which has been common the last few years
- Mid-to higher-priced homes will take longer to sell
- There will be fewer multiple offers than in year’s past
Debi Jensen, Broker/Owner of Century 21 All Professional:
“Both buyers and sellers will need to adjust their expectations in the New Year. Sellers won’t see the big year-over-year price increases of the past. Buyers may be contending with higher mortgage rates eating into their budget. But I don’t foresee any wild swings. The National Association of Realtors predicts the feds are going to stabilize the interest rate. Everyone has a different take on what is going to happen, but the good news is that no one is predicting a huge change, which is good. We are looking forward to a healthy 2019 for real estate on the Treasure Coast.”Return to the Blog