Our current market trends may affect your opportunities as a buyer or seller. Here’s what they are.
If you’re looking to buy or sell in 2019, there are four trends you should be looking at:
1. Inventory is growing. Sellers won’t be able to enjoy the market they were used to in the past.
2. Affordability will decrease. As interest rates rise, it’ll be harder for buyers to afford homes. And if more buyers are knocked out the market, sellers will need to be more open to negotiation.
3. Millennials make up the majority of buyers. They’re now accounting for 45% of mortgages, and some of these millennials are even move-up buyers. They love technology, and as such, they want to see a lot of pictures, video, and links.
4. The mortgage interest deduction threshold has been lowered. The threshold went from $1 million down to $750,000. If you have a home in this price range, know that buyers will be hesitant because they aren’t receiving the same deductions as before. It used to be a great tax benefit when it came to buying a home.
If you have any questions or would like any more information, feel free to reach out to us. In the meantime, thanks and aloha!