by Mike Roth – Team Leader, The Roth Team
Now that we’ve entered the new year, let’s take a moment and share our predictions for what lies ahead. There are four main things we can expect moving forward.
- Interest rates will probably rise. Though rates are still historically low, they are set to go up at least twice in 2019. Right now, the average 30-year fixed rate stands at about 4.4%, and by the end of 2019, it should rise to 5 %.
- Inventory will increase. It’s likely that more homes will soon hit our market, meaning buyers will have greater choice in the near future. Nationwide, inventory actually hit its lowest level in recorded history last winter, but this year it finally started to increase. We’re expecting to see that inventory growth continue into 2019.
- The average days on market will go up. Even in hot price ranges, the increase in inventory will likely cause homes to sit on the market for longer periods of time. Homes won’t necessarily sell in seconds with multiple offers—sellers are going to have to realize that in order to get their homes sold, their agents will have to have to put in some work and have great sales skills. This is going to be a more normal market.
- Prices will begin to level out. Brokers throughout the country have already reported this trend, and our Midwest market is sure to see similar conditions soon. On a national level, home price growth is slowing; it’s currently the lowest it’s been in two years.
If you are thinking of buying or selling a home in 2019, or if you want more in-depth information about the market predictions for your specific area, my team and I are here to provide you with the information you need to make the best decision for your family. In case you’re considering selling, you can get more info on what your home is currently worth by using this home value calculator, which takes into account recent Greater Milwaukee sales. If you’re ready to get this process rolling, or if you have any other questions, please feel free to reach out to me at 262-797-6453 or email us at firstname.lastname@example.org.