What has happened in the real estate landscape in 2019? What are the forecasters thinking about the remainder of the year? Here as the top 5 real estate facts of 2019
- The rates are rising and the millennials will keep purchasing homes
The start of the year saw an unprecedented rise in mortgage rates; hence a lot of forecasters thought the demand for homes would slump. However, the data from the third quarter of 2019 shows that millennials have been buying homes and are still doing so despite the high mortgage rates. The demand is expected to keep rising as the year progresses to its end.
- Overall home sales are expected to drop
Although the demand for homes keeps increasing, the overall homes sold at the end of the year is expected to be below the number of homes sold in 2018 – an excess of 2% decline.
- NYC rent is at an all-time high and will continue rising
There is an increase in rental development in New York City yet rents keep rising. The rise of rest in the face increased development is because land in New York had become incredibly expensive to acquire. There are no tax incentives in New York for real estate developers. The cost of acquiring building materials has gone up as well. Amazon was expected to pitch the tent in New York at the start of the year and create more jobs to perhaps help reduce rents albeit by a small margin but they ended up rescinding their plans.
- Social media is influencing millennials in buying homes in 2019 more than ever
The current generation of home buyers relies heavily on social media presence and online review when making decisions about buying a home. Many companies are flocking social media, more so on Instagram to keep their houses in the eyes of millennials.
- You better sell your house in 2019 than wait for 2020
A survey conducted by 100 economists and real estate experts from Zillow and released in May 2019 points to a possible real estate recession at the turn of 2020. For this reason, you’re better off disposition