With the Fed Rate increase, what are the housing market expectations in 2019? How will Sun Valley, Idaho fare?
It’s important to know that while mortgage rates tend to mirror Fed rates, not every Fed rate is passed on to a mortgage rate.
But relatively speaking, 2019 might be the best time for you to put your house on the market. Especially if you’re on the fence about selling this year or next, Nick Ron, CEO of House Buyers of America, recommends going with the devil you know rather than the devil you don’t.
Home price growth slowed in the second half of 2018, with fewer buyers entering the market, at least partially due to rising interest rates issued by the Federal Reserve. In 2019, consumers shouldn’t expect homebuyers to flood the market again and drive prices through the roof, but it’s also unlikely to be a crisis for home sellers.
Interest rates are rising, reaching 4.87% in November for a 30-year, fixed-rate mortgage. Even though rates are at their highest level since February 2011, they remain much lower than the historical high of more than 18% in 1981.
The bottom line: Although houses may sit on the market for a few more days on average compared with a robust market in 2018, buyers remain active, and there is good opportunity to profit from your home sale.
According to the March 2018 report from the National Association of Realtors, millennial homebuyers continue to make up the largest share at 36 percent.
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