Counting Down to 2019: Projections for The Housing Market and Prime Mortgage Lending, Inc.
As everyone is about to ring in the new year while we count down to midnight tonight, we wanted to take a quick look at the overview for the coming year. What’s in store for the housing market for 2019? What can home buyers know about it and how to prepare for the year ahead? While things have a tendency to change from week to week, day to day even, we believe that an educated community is a stronger community. Here are some things to consider for 2019 and how Prime Mortgage Lending, Inc. plans to be prepared.
The Economy is Expected to Grow
Because and in spite of several factors in our country today, there has been continued economic growth. And that isn’t expected to stop in 2019. The rate at which the economy is expanding is expected to slow a bit, but it continues to be an employee-driven market with lower unemployment rates than we’ve seen for a while.
Consumer confidence is also high currently, which could translate to the housing market. However, experts urge us to remain cautious. Buying a home in 2019 will require individuals to be hyper aware and prepared, so we highly recommend everyone start out by contacting a financial partner, like Prime Mortgage Lending, Inc., to ensure they are ready to begin the process.
New Construction Expected
One of the biggest challenges facing the country, and very noticeable in the Asheville area, is a lack of new construction. This makes the housing market very competitive. It’s this lack of inventory, among other things, that leads to the affordable housing crisis currently challenging our area.
While new construction in the area may not immediately solve the problems we’re facing, it will be one step to alleviating the concerns and we’re looking forward to partnering with builders, agents, and buyers on these projects in 2019.
Millennials Enter the Market
There has long been the opinion that millennials are simply not entering the homebuying market due to financial concerns and crippling student debt. But as the oldest of the millennials are hitting 40, this previously held belief is no longer holding water.
There has been a shift in the career paths for these buyers and their decision to enter the market as homeowners was not without careful consideration and research, just like every other aspect of their lives. At Prime Mortgage Lending, Inc., we are prepared to be a partner for home buyers at all phases of their lives.
Preparing for Rate Increases
While we don’t want to be harbingers of negativity, we also can’t sugar coat the other factor that will drive the market in 2019. If you’ve looked into the market at all in the last year, you know that mortgage rates have already been on the rise, and that trend is continuing.
However, that doesn’t mean prospective homebuyers should put their dreams on hold. Rates are always in a state of flux, so the only solution is to be as prepared as possible for the future.
We encourage you to reach out to us at Prime Mortgage Lending, Inc. as well as some of our other financial partners here in the Asheville area to determine how you can meet your goals of buying a home in 2019.