AMARILLO, Texas (KAMR/KCIT) –
2019 Spring Home Buying Trends
The 2019 spring buying season is expected to be characterized by rising home prices, a moderate pace of home sales, and modest inventory growth, according to new survey data from Realtor.com.
Here’s some of what buyers can expect this spring:
Home shoppers this spring will struggle with their budget Affordability will be a major hurdle for many buyers this spring Shoppers expect less competition overall as more inventory continues to hit the market nationwide 60% of shoppers have been looking for a home for seven months or more
Home Shoppers Remain Optimistic but Believe a Recession is on the Horizon
Nearly 70% of home shoppers this spring think the U.S. will enter a recession in the next three years 41% remain optimistic that housing will fare better than 2008 A majority of shoppers believe home prices have hit their peak
Spring Home Buyers Eye Homes in Need of Renovation
Nearly 60% of 2019 home buyers are considering a home that needs renovations 95% expect a renovation will result in a positive return on their investment Just over half of home buyers are willing to spend more than $20,000 on the renovation
Key Housing Trends for 2019
Mortgage rates are down to just over 4%, but are expected to drift back up around 4.5 percent as the economy continues to grow Home prices are forecasted to grow nearly 3% over last year Homes sales are expected to continue to be soft, dropping 0.3% compared to last year Millennials are expected to be the No.1 generation purchasing homes
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