Categories: Real Estate Market
The question I’m asked most often this time of year is “What’s the market going to do this year?” Will home prices rise, will it be a seller’s market, a buyer’s market, should I sell now or wait until Spring?
My answer is always prefaced with “there is no crystal ball.” We do know that some trends will continue into 2019. Mortgage rates most likely will rise, inventory is also on the rise and home price appreciation will continue to slow. That’s the national rhetoric we read. But, the forecasters leave out one overriding truth - REAL ESTATE IS INTENSELY LOCAL. What happens in San Jose doesn’t translate to St. Louis. For example, St. Louis County is fairly tight with 2.8 months of inventory. If we look at luxury homes over $1 million, St. Louis County has a 9 month supply. My best advice is to ask your Realtor for a market update that is specific to your location and your price category.