What’s Happening in Our Real Estate Market?
Today we’re going to be talking a little bit about the 2019 real estate market. We’ve gotten off to a strong start so far, especially in the Cherokee County area. Part of the reason for this is the surge of homebuyers from the millennial generation who are looking to buy. Some economists say that this group of buyers is going to get even bigger this year as a result of more millennials forming households.
You’ve probably heard some news about a potential shifting market or a bursting bubble. Although there is some concern out there, it’s not like we’re going to see a repeat of 2006.
“Now is a great time to buy and sell real estate.”
There are a few factors that are contributing to this current real estate market that we didn’t see last decade:
1. Supply and demand
2. Rates are historically low (for now)
What’s the bottom line and how does this affect you? As prices continue to climb and rates remain low, it’s a great time for homeowners to sell. Buyer affordability remains high, but if rates go up, it will go down.
For buyers, the low interest rates allow you to afford more of a home. Now is a great time to get in because we’re not going to see a crash. Lending standards are much stricter than they were a decade ago. Having more qualified buyers equals having a lower risk of a crash.
To sum it all up, now is a great time to buy and sell real estate, as long as rates remain low, which we expect to be the case for the remainder of the year. We do anticipate a bit of a shift in the market, but only because this is part of the normal cycle our market goes through over time.
If you have any questions for me in the meantime about buying or selling a home, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.