Gloria Pruitt
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03/26/2019A Balanced Market is Predicted in 2019

Economists who focus on the housing market are anticipating a more balanced market this year, reports RLSMedia.com. Home prices are just starting to level off following the frenzied seller’s market of the past few years. Unfortunately, mortgage interest rates are beginning to climb, which will affect the housing affordability factor for many would be buyers.

First time buyers will continue to dominate the real estate market, accounting for an estimated 45 percent of all new mortgages in the coming year, says the National Association of Realtors. Many millennials have saved for their down payment and are eager to purchase their first home but, the shortage of resale properties continues to limit their buying options.

Wherever the balanced market leads us, home buyers primarily want to know how much their monthly mortgage payment will be and if they can afford it. If you’re planning to buy a home this year, what matters most is focusing on your local market and your housing needs. Typically, the majority of home buyers decide to act because of the timing in their lives, not necessarily the timing in the marketplace.

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