The year has so far been a promising one for would-be home buyers. The seemingly unending rise in home prices started to slow and mortgage rates dipped to unexpected lows. Both were good news for Millennials who—despite the never-settle-down stereotype—are yearning to become homeowners.
Still, despite suggestions that a buyer’s market might be on the horizon, that dream has yet to be realized. “First-time buyers can expect less competition than last year, but it’s still very much a seller’s market in most places,” says Ralph McLaughlin, deputy chief economist for property data firm CoreLogic.
Will that seller’s market continue? Probably. But it’s not all bad news for those looking to jump on the home buying bandwagon. As McLaughin points out, the year “seems to be shaping up as a good time for potential first-time buyers to enter the market, with no current signs of imbalance that would either force them to hurry or cause them to pull back.” In other words, it’s a good time to go about that home search in a thoughtful and deliberate manner.
Here’s what McLaughlin and other industry experts predict for the second half of 2019 and beyond:
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