Housing Market Check-In: Expert Predictions for the Rest of 2019 and How to Tell if Our Local Market is Heating Up
Forbes recently released hopeful predictions for the housing market during the second half of 2019. The Housing Market Check-In article states that it has been a promising year so far for would-be home buyers. Mortgage rates dipping to unexpected lows and home prices slowing both provided good news for Millennials who Forbes says are “yearning to become homeowners.”
Even with a buyer’s market said to be on the horizon, Ralph McLaughlin, deputy chief economist for property data firm CoreLogic explains, “first-time buyers can expect less competition than last year, but it’s still very much a seller’s market in most places.”
Industry experts say that 2019 should be shaping up as good for potential first-time buyers to enter the market and be serious about purchasing a home. Forbes is reporting their predictions for the second half of 2019 to include Millennials driving the market, inventory improving (slightly), home prices are heading up, mortgage rates will stay low, buyers can take their time, and some places will be better bets than others.
Most of these suggestions can be true for any year. For a more in-depth look at these predictions, click here to read the full article.
Forbes also released an article just days before their predictions for 2019 with clues to see if our local real estate market is heating up from the Forbes Real Estate Council members.
Some of the surrounding Greater Pittsburgh Areas could possibly meet the criteria of a market that is on the rise. Their top five clues include dropping inventory, low unemployment and high rent growth, government regulations including rent control and zoning restrictions, population trends, and the energy of the community.