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Photocredit: Getty
Getty
If you’ve been keeping an eye on the housing market recently, you know it’s been tough out there for buyers. Rapid home value appreciation and nearly-stagnant inventories have created highly-competitive housing markets across the country and first-timers are especially affected. High rents coupled with the inability to leverage the sale of an existing home for a down payment have left many would-be buyers on the sidelines. However, new data from RealEstate.com suggests that there could be a sway in buyers’ favor sooner than previously thought.
According to RealEstate.com’s Entry-Level Market Report, housing markets are slowing down, nation-wide. The value of the average entry-level home – now topping out at $130,000 – only rose 9.2% over the last year. While that may seem like a big jump, it’s actually slowed from the 12.5% increase that entry-level home values saw the year before. Their data also showed that slower growth like this occurred in 42 out of the 50 largest U.S. metros.
In addition to a slower appreciation of home values, buyers should expect to see an increase in inventory, as well. The report found that entry-level inventory rose 4.1% this year. Prior to this increase, the number of entry-level homes for sale had fallen each year for the past four years running.
On their findings, RealEstate.com General Manager, Justin LaJoie, had this to say:
Potential buyers who tested the waters in recent years should have an easier time now, which should be especially good news for anyone who made an offer but lost their bid for a home. First-time buyers can give themselves an extra boost by being well-informed, prepared buyers. And the work they do – contacting more agents, doing more research and visiting open houses – should pay off this year.
First-time buyers, in particular, should do their best to stay on top of market trends like these. If these trends begin to affect your area, 2019 might be the time to buy.
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Photocredit: Getty
Getty
If you’ve been keeping an eye on the housing market recently, you know it’s been tough out there for buyers. Rapid home value appreciation and nearly-stagnant inventories have created highly-competitive housing markets across the country and first-timers are especially affected. High rents coupled with the inability to leverage the sale of an existing home for a down payment have left many would-be buyers on the sidelines. However, new data from RealEstate.com suggests that there could be a sway in buyers’ favor sooner than previously thought.
According to RealEstate.com’s Entry-Level Market Report, housing markets are slowing down, nation-wide. The value of the average entry-level home – now topping out at $130,000 – only rose 9.2% over the last year. While that may seem like a big jump, it’s actually slowed from the 12.5% increase that entry-level home values saw the year before. Their data also showed that slower growth like this occurred in 42 out of the 50 largest U.S. metros.
In addition to a slower appreciation of home values, buyers should expect to see an increase in inventory, as well. The report found that entry-level inventory rose 4.1% this year. Prior to this increase, the number of entry-level homes for sale had fallen each year for the past four years running.
On their findings, RealEstate.com General Manager, Justin LaJoie, had this to say:
Potential buyers who tested the waters in recent years should have an easier time now, which should be especially good news for anyone who made an offer but lost their bid for a home. First-time buyers can give themselves an extra boost by being well-informed, prepared buyers. And the work they do – contacting more agents, doing more research and visiting open houses – should pay off this year.
First-time buyers, in particular, should do their best to stay on top of market trends like these. If these trends begin to affect your area, 2019 might be the time to buy.