Real estate is an ever-changing industry with shifting trends that change every year. And factors such as prices and location are always part of the discussion. And now that 2019 is coming up, here are some real estate trends to keep track of in 2019 if you are thinking of purchasing your first home.
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source: texaslending.com
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Prices will continue to go up. If there is anything that you need to know about real estate, it’s the fact that prices will just continue to spike up. Over the past 30 years, prices continually rise at an average rate of 3 to 5 percent each year. Remember that only 1 in 3 homes on the market today are priced below $200,000, and most buyers are competing for homes in that specific price range.
The resurgence of the co-op. For the past few years, new developments in the condominium market took a bite out of the co-op resale market. There will be new and more expensive projects, and real estate experts are experiencing buyers return to the uptown areas to purchase co-ops because of its moderate prices.
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source: firstohiohome.com
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More millennials can afford to buy homes. Because they are getting more streams of income, young adults will have a better capacity to purchase homes in the next year. This results to a rise in homeownership for this age group, who are still currently prancing on the luxury rental market at the moment.
A specialist in the field of operations and management of affordable housing, Martin LaMar is the Regional Vice President of McCormack Baron Salazar. Holding a clear understanding of affordable and public housing programs, Mr. LaMar carries full-management responsibility and oversight of financial, operational, marketing, and budgetary sides of the McCormack Baron Management communities in his territory. For more articles like this, visit this page.
