Today I’ll be detailing the outlook for our market in the new year.
What can we expect from our market in 2019? Let’s first look at the final numbers from 2018: Our area, on the whole, saw a 7.5% increase in sales. As for our company, we were up 20% in overall sales production!
The housing market will continue to grow in 2019. How can we be sure of this? The market growth we expect for this year can be ascribed to three things: a strong economy, low unemployment, and the emergence of millennials in the marketplace.
Early predictions indicate that 2020 will not be nearly as full of promise. Zillow recently conducted a study in which it surveyed 100 expert economists. The resounding consensus was that the 2020 presidential election will negatively impact the housing market, and worse still, potentially be the start of the next recession.
Knowing this information, no seller will want to wait until 2020 to list their home. So taking action to get your home listed and sold in 2019 would be the best-case scenario.
Also, The National Association of Realtors and Zillow agree that housing prices will continue to rise in 2019. This will mean sustained year-over-year price increases—2018’s housing prices rose 8% from the previous year, while this year’s prices are predicted to be 5% to 6% higher than those of 2018.
All of these factors indicate there will be great opportunities to buy or sell your home in the coming year. For help with any and all of your real estate needs, call us at (309) 282-1000 or visit our website. We’d be happy to assist you.