According to Realtor.com, there are four key trends that buyers and sellers need to be mindful of in 2019:
1. There will be more homes for sale—especially luxury homes. I can attest to this prediction, as I’m definitely seeing more luxury homes come on the market and sit unsold for long periods of time. In general, inventory is increasing, but we don’t expect to see an increase greater than 7%.
2. Affording a home will remain tough. Interest rates have been increasing, and home prices have been steadily increasing as well over the past few years. Even a rise in inventory can’t stop home prices from increasing in hot markets—especially here in the Northern Virginia/Washington D.C. area.
3. Millennials will still dominate the market. Millennial homebuyers account for 45% of all home sales. Gen X homebuyers, on the other hand, account for just 35%, and baby boomers account for 17%.
4. The new tax law is still a wild card. Unless you have a savvy accountant who already knows how the new tax law will impact your taxes, you won’t really know how it affects you until you do your taxes later this year.
If you have questions about how any of these trends impact you specifically or you’re thinking of buying or selling a home soon in our marketplace, don’t hesitate to reach out to me. I’d love to help you.