ST. LOUIS (KMOV.com) – Housing market experts predict that 2019 will be a seller’s market.
“I think sellers that have been listening to their neighbors talk about selling homes quickly for, at, or above asking price are going to have to shift their expectations because the marker has definitely changed in 2019,” Danielle Hale, of Realtor.com, said.
This year was the most difficult in a while for buyers but you can expect to pay even more in 2019 as mortgage rates and home prices increase.
“Prices are expected to rise 2 percent and mortgage rates are supposed to be half a percentage higher,” Hale said. “Those two factors will make buying a home for buyers increasing costs by 8 percent on a monthly basis.”
Buyers who stay in the market will find less competition because a lot of others will be priced out.
The number of homes for sale is increasing but not as much in the entry-level home category. However, millennials make up the largest segment of buyers at 45 percent.
Inventory is slowly increasing nationally but the experts said the St. Louis area is growing at an even slower rate. In recent months, properties are sitting longer in St. Louis.
On another note, the tax plan remains a wild card for housing. Come April, tax payers will go through the income tax process for the first time.