Page 5 - AreaNewsletters "Feb'19" issue

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The National Market As We Begin 2019
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Article provided by Nadine Kirk. Contact The Kirk Team, Re/Max Alliance for referrals or to answer any questions you may have about this article.
Although it’s impossible to predict the future, current trends and statistics create a picture of the market’s health.
Home sales are down. 1.5 percent from a year ago. Experts say that many buyers are priced out of the market or theyre waiting until more homes within their price range are available.
Home prices are up 4.6 percent and the average home value is $264,800.Sales may be down,but prices will continue to rise.This is good news for sellers, but may keep buyers on the sidelines in high-price markets.
Homes are selling fast. Homes are on the market for an average of only 29 days with 52 percent of homes on the market for less than a month.
Inventory is tight. People are staying in their homes longer and housing starts are at an all-time low. However, housing permits are up 8.4 percent over last year, which means more inventory to come.
Competition is high. First-time buyers made up 31 percent of home purchasers.For those
in the market to buy,get preapproved
for a mortgage to stay competitive. If
you need a lender, I can refer you to a great one in my network.
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5 Castle Rock “AreaNewsletters • February 2019