With each year, the housing market has increased in success. Currently, 2019 has been a great year for real estate. If you are looking to buy a house in 2019, here are some reasons and predictions this year is perfect for buying a home.
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There Is a Surplus of Houses Available!
Currently there are more buyers then sellers, meaning, more options for potential buyers. Buying a house is a huge next step in life, it is important to take your time and thoroughly review your options.
With more buyers then sellers, there are more houses to view. Although, on average, prices have increased since last year, the homes that increased in prices were luxury-style homes. For those of us not looking for a luxury-style home, 2019 is a perfect year.
Decrease in Certain Interest Rates
In 2019, the average interest rate rose 0.20% in two years. While this may seem scary, it is nothing to worry about. The amount of increase is very low, and nothing to truly weigh in.
Although interest rates have risen, this statistic is for broad and general interest rates. For example, according to an article written and published on Forbes, ten-year treasury rates have decreased. Ten years ago the treasury interest rate was 3.23%, and since October 2018 the rate has now changed to 2.70%.
The Government Shutdown Might Affect the Housing Market
Something to take in to account for the 2019, is the most recent and prolonged government shutdown. While the real estate market is undergoing a cool down, anything can alter the rise or fall.
Some people requesting and applying for low-income loans for mortgage have gotten delayed due to the government shutdown. This year may have some turmoil or affect the housing market negatively depending on the continuous shutdown and chaos within the government.
Although this has not affected many people, there is always a fear that there will be long-term effects, according to Forbes.
