NAR Real Estate Forecast

It’s that time of year again and the National Association of Realtors is weighing in on their forecast for the real estate market in the coming months.

Although the Pending Home Sales Index fell by 0.7 percent in November 2018 and contract signings were down 7.7 percent compared to 2017, analysts see this as a short=term pullback as mortgage rates fell to 4.55 percent.

More inventory should be coming to the market soon and the overall strength of the economy should provide long-term growth potential in real estate.

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Real Estate Trends for 2019

Sure there are still two months left in 2018 but it’s not too early to look at some general trends that happening now and will likely continue in the new year.

  • Millennials are buying: According to Inc Magazine 66 percent of first-time buyers are millennials and this percentage should only grow as time goes by.
  • Baby Boomers are selling; As the baby boomer generation ages, many of them are retiring, selling their homes, and moving to lifestyle communities or apartment complexes.
  • More prefab homes: Offsite fabrication is both cost effective and efficient and growing in demand as property development focuses on functionality and sustainability.
  • Drones used in selling: At last, sellers can provide potential buyers with a full 360-degree view of their property.
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