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As you all know, real estate markets are cyclical—they go up, they go down, and then they start over again. Our market has been moving in an upward trend since around 2012. Typically, upward trends in the market last between five and seven years and are followed by an 18- to 36-month sideways or slightly downward trend. This is considered normal.
Over the past 10 years, we’ve been everything but normal. There have been massive lows and highs, and it seems like a lot of people have forgotten what a normal real estate market actually looks like.
So what does this mean for 2019?
Well, based on what we’ve seen, it seems likely that our days on market will go up alongside rising inventories. Homes won’t necessarily sell in seconds with multiple offers—we in the industry are going to have to put in some work, sharpen our skills to get homes sold, and remind ourselves how real estate markets actually operate.
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Whether you’re buying or selling, you have an awesome market to take advantage of.
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What I do know about the market is that interest rates are still outstanding—if you look at historical trends, you’ll see that our current rates are amazing. Sales prices are great, as well. This means that, whether you’re buying or selling, you have an awesome market to take advantage of.
If you have any questions about market trends or what to expect from the coming year, feel free to reach out to me. There is a lot more to discuss in detail than what I’ve said today, and I would be glad to have a deeper discussion with you.
