The Fall Housing Market
The past three years have been steadily consistent with real estate trends. The market has been a seller’s arena. Inventory has been tight, prices have steadily risen and sellers have happily turned their homes quickly on the market. Meanwhile buyers have had to move quickly and pay heavily for the homes they wanted. But the market of Fall 2019 is showing that tides are turning.
Recently there has been a shift in real estate. Mortgage rates are the lowest they’ve been in three years, yet buyers are suddenly more cautious about purchasing a home. It is thought to be in part due to the uncertainty of the direction of the economy. Recession fears are spooking some potential buyers from making the financial commitment of a home purchase.
The market is still moving, though things have slowed down. Home prices are higher than they were a year ago but the increases in prices have been slowing. The average rate for mortgages is lower today than it was a year ago. Bidding wars over houses have greatly decreased this fall, down 42% compared to a year ago.
With the changes in the market, it is becoming a buyer’s arena. The supply of homes for sale in the midrange level is steadily increasing while the entry level home supply is still tight. With less competition, buyers are able to spend more time looking for the right home without having to worry about jumping on a purchase.
Though things are slowing in the Fall 2019 housing market, things are still trending in a good direction. The housing market is expected to remain relatively stable in the near future.