Cheryl Young: January 10, 2019

2019 REAL ESTATE OUTLOOK:

NEW REPORT EXPLORES WHAT BUYERS AND SELLERS CAN EXPECT TO SEE FROM THE HOUSING MARKET THIS COMING YEAR

 

Cheryl Young

Senior Economist, Trulia

The housing market has finally started to cool. So what does that mean for home buyers and sellers in 2019? Is it finally a good time to buy?  How worried should buyers be about rising interest rates? How should sellers think about pricing their home in a cooling market? What are the opportunities for buyers and sellers in your city?

Trulia’s Senior Economist, Cheryl Young, can tell home buyers and sellers everything they need to know for this home buying season.

Here are Trulia’s housing market predictions for 2019 and how they will impact home buyers and sellers:

  • Housing inventory will remain tight. While inventory may start to pick back up in some markets, it will be rising from historic lows and will take time before buyers start to notice an impact.
  • Worsening affordability will slow down home buying activity. Despite cooling home prices, affordability will continue to be an issue for many buyers and may cause some to hold before entering the market next year – but could help create less competition for others.
  • Mortgage rates will continue to rise in 2019, reaching 10-year highs. Almost one in five (19 percent) renters who wish to buy said rising mortgage rates were their biggest obstacle to homebuying – up from 13 percent in April, before rates hit seven-year highs. As rates continue to rise, buyers will be spending more for a home than in years past.
  •  More millennials will become first-time homebuyers in 2019. Despite rising rates and tight inventory, Younger Americans will continue to drive homeownership. Of Americans aged 18 to 34, 21 percent say they plan to buy within the next 12 months, up from 14 percent last year.

For more information, please visit: www.trulia.com/research

MORE ABOUT CHERYL YOUNG:

Cheryl is a Senior Economist at Trulia. Prior to Trulia she was a consultant with the World Bank’s Urban Development Unit. She has also served as an associate with Bankable Frontier Associates’ housing finance practice, led a housing research program at the Centre for Development Finance — a think-tank in India, and was a project manager for New York City’s Department of Housing Preservation and Development.

She holds a Ph.D. in City and Regional Planning from U.C. Berkeley, a master’s in public policy from Harvard’s Kennedy School of Government, and a Bachelor’s in Urban Studies from Columbia University.

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