Here’s What Experts Are Saying the New Year Will Bring in the Housing Market

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Experts believe that the slowdown of the hot housing market in Greater Philadelphia will continue into next year, providing home shoppers with some much-needed relief, writes Caitlin McCabe for the Philadelphia Inquirer.

However, top predictions for the region in 2019 also bring some negative aspects for buyers as well.

Among them are interest rates, which continue to rise. After staying around three percent for several years, the average rate on the 30-year fixed mortgage has now catapulted toward five percent. This is expected to continue next year, as the Federal Reserve has already indicated plans to raise rates multiple times in 2019.

As far as the single-family housing market is concerned, it is expected to continue to cool but not crash. Home prices in the city started to slow this year, while continuing to rise in the suburbs. But they are still below the national average.

“I think perceptive buyers started to step back and say, ‘Is this something I can wait on for a little while?’” said Cheryl Young of Trulia. “We really have not seen comparable wage increases.”

Read more about housing market projections in the Philadelphia Inquirer by clicking here.

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