The New Year offers new possibilities for the real estate market. Although it is impossible to know exactly what will happen with housing in 2019, there are some trends that have been forecasted. The data team at Realtor.com® has come up with their predictions for next year. If you are looking to buy or sell a home in the Whittier area in 2019, keep these trends in mind as you enter the market!

 

1. Slight Increases in Inventory

Inventory has finally been on the rise during the last quarter of this year. For next year, it is expected to stay at less than 7% nationwide. There should be some increases in homes being put on the market and/or new construction. Expect to see larger increases in inventory of upscale homes in the high-end market.

 

2. Soft Home Sales

Home sales are expected to decline 7%. This is largely due to the market challenges that make it difficult for first time home buyers to afford it.

 

3. Millennials Will Account For The Majority of Buyers

Millennials will retain their majority as home buyers in 2019, making up 45% of the mortgages. While first time buyers in this generation might still struggle to make the plunge for buying, older millennials who already own will likely move-up to a higher priced home this year.

 

4. Unknown Effect of Tax Plan

It is still unknown how the new Tax Plan will affect homeownership in 2019. Renters should see higher deductions on the tax bills which may incentivize waiting to buy while it will be a mixed bag for home owners on what they can and cannot deduct from their taxes in April. Although it is unknown exactly how the bill will affect the market during 2019, it is an important consideration for all buyers and sellers to keep in mind throughout the year.

 

As 2019 progresses, The Domis Team will be there to help you navigate the market and keep you up to date on the year's real estate trends. Give us a call at (562) 884-5373 or visit our website at http://www.whittierhomes.com/.