The economy of the United States is expected to grow between 3% and 5%. With employment going strong, wages rising, and house construction intact, an increasing number of Americans are buying a house. For buyers, it will be their first house. Uncertainty remains but that Millenial buyers will have a persistent demand for new houses in areas within between New York, Los Angeles, and Miami. Even Houston, Cleveland, Philadelphia, Pittsburg, and Chicago can turn out to be the darlings of 2019 as well as 2020 with several people seeking to buy a home.
Economy in California is growing health as well as in areas like Florida, Texas, New York, and Massachusetts. The return of high paying jobs next year will play a great role in the improvement of the US economy. This will encourage the housing market since Millennials in particular, will discover themselves having lasting high paying jobs.
Many experts predict a flat housing market or a buyer’s market for the year 2019 and 2020. Taking into account the lack of housing availability, it may sound crazy to imply a buyer’s market is on the horizon in San Diego, Los Angeles, and the Bay Area. But things are actually changing. With an impeccable growth in home construction, this can make it the best time to purchase a house and a wonderful time to sell your house. In case mortgage rates grow a little, you must be considering buying in 2018.
Buyer Market Signals
- Flattening house prices
- Growing home construction
- Stable US economy
- Sales to active listings ratio well under 12%
- Trade issues eases inflation
But because of the geopolitical uncertainty, 2020 election, trade transitions, rising mortgage rates, high home prices, and higher housing construction prices, home buyers will find it hard to buy in 2018/2019.
But with US companies getting a huge boost in sales in their own country and with lesser imported products, Americans will get to enjoy low unemployment, more access to home financing, and higher wages. It is all optimistic and positive for a strong housing market and maybe the best time to buying a home.
Millennials Hope To Purchase A House
An increasing number of US millennials, that large demographic group, are into their home buying years, with bigger budget, eager to make their first purchase and that will make sure you have plenty of competition. This demand from millennials can make 2019 the best time to sell your house.
When To Buy A House?
2019 is probably the best time for buying a home in Myrtle Beach or a condo. Housing stock on the US market now is not so hot right now but availability is expected to improve over the next few years. Mortgage rates as well as construction costs will increase however this may not be too painful up until 2020 where financing qualification and inflation may hurt prospective buyers.
In case the world moves into recession by 2020, that will just ease inflation problems in the US. The country’s economy will remain solid as more jobs move from China and back to the U.S. Overall, the prices of houses are not expected to grow that much and market crashes are quite unlikely to happen. That will make it a safer purchase for buyers and harder for sellers to obtain the best possible price.
Call Full Potential Real Estate if you are looking to buy a home in Myrtle Beach.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577