A new year means new predictions for the housing market, and experts are giving us a look at what’s ahead in 2019. Whether you are a buyer or a seller, you’ll want to know what to expect. Overall, while home sales in some areas of the country are slowing down, New Hampshire has a projected sales growth.
That’s despite rising interest rates. After several increases by the Federal Reserve in 2018, there are more to come, and some experts say rates could reach 5.5% for a 30-year fixed mortgage by the end of this year. The increase could pose a challenge for first time home buyers, but millennials remain the biggest generational group of home buyers, according to Realtor.com, and the modest rate hike is not expected to make a significant difference in the total mortgage loan.
Home prices made a jump in 2018, and experts predict they’ll continue to rise this year, even at a slower, steady pace. What does this mean if you’re a seller? Perhaps a profit you can use to help your own purchase of a new home. Remember to heed our advice about helping your home stand out and listing your home at the right price. For buyers, current home prices might mean less competition and bidding wars.
The real estate inventory troubles of last winter have eased. In the majority of markets — including New Hampshire — the number of homes being put on the market or newly constructed has increased slightly.
And many home buyers this year are looking for newly built homes. The U.S. Census Bureau has reported statistics that the start of 2018 saw a 10-year high for new construction – with more than 1.33 million housing units started last January nationwide. Indeed, while new construction could slow down in many areas of the country, LaMontagne is continuing to build and recently broke ground on new developments in Hudson and Merrimack.
We can’t wait to show them to you. Interested in seeing what we’re building throughout NH? Schedule a model home tour!