Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the
one that occurred during the last decade.
However, according to two separate reports*, buyer demand dramatically increased over the last three months, leading into this spring buyers’ market (the
March data is not yet available).
Both the ShowingTime Showing Index and the National Association of REALTORS Buyer Traffic Index show that buyer demand has increased in each of the
last three months.
According to the National Association of Realtors’ Economists’ Outlook Blog, purchasing a home has become more affordable, which has led to increased
“Due to the combination of falling home prices and mortgage rates, the income needed to make an affordable mortgage payment (mortgage no more than
25% of income) on a median-priced home with 10% down payment and 30-year fixed rate mortgage decreased from $60,425 in June 2018 to $53,783 as of
February 2019, and the difference of $6,642 represents a gain in buying power because one can afford a home purchase at a lower level of income.”
It appears the spring buyers’ market is going to be much stronger than many had projected. Whether you are selling or buying, this is important news.
Bill Wagner - Keller Williams Atlanta Partners
The Wagner Team
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