2019 was a year of change both nationally and in the local real estate market. Nationally, sales of existing homes were up 4.6% and home prices were up 3.5%. Locally, our market was very similar, as 2019 saw more homes for sale, and modest appreciation. Both of these were welcome after a few years of historic lows for inventory and rocket-powered price escalation.
What is fueling the continued interest in real estate? Interest rates made a move back down after several months of increases. Buyer’s incomes have increased, leading to an all-time low payment as a percent of income of 15.2%. Part of this is buyers being more frugal and less willing to extend themselves. This has driven strong demand for house under $300,000 where quality inventory remains challenging.
New construction saw a resurgence with permits issued at the highest level since the start of the economic decline in 2007.
Millennial buyers are purchasing their first of second homes, and Gen Z buyers are starting their first home search. 35% of homebuyers in 2019 were under 35 years old.
Check out the graphic below for some more interesting facts.
At this joyous time of year, I have been reflecting on what a fantastic year it has been and thinking about all of the wonderful new friends I have been blessed to have made through my business. I am thankful for your trust and appreciate you allowing me the pleasure of helping you with your real estate needs.
I wish you a very Merry Christmas and a Happy New Year.
Buying a home is probably the largest investment you will ever make in your life, and the process can be quite confusing, even if you aren’t buying your first house. Changes in technology have helped in some ways while making it even more important to have a qualified person guide you along the way. As an Accredited Buyer’s Representative® (ABR®), I have the experience and training to make sure your interests are protected every step of the way.
Check out the great video below for a quick overview of the home buying process, head over to the Services page on my site for more information, and feel free to contact me with any questions.