We had the privilege of attending a 2018 year-end conference with National Association of Realtors Chief Economist, Lawrence Yun this past month and what he had to say about the current housing climate may be surprising. According to NAR research, the numbers above don't really excite Dr. Yun about the 2019 real estate market. In fact, he describes 2019 as a "boring year in real estate". At least for most of the country.
Looking at the U.S. as a whole, Dr. Yun concludes this: the real estate market is stabilizing. Prices are stabilizing, only 2 interest rate hikes are forecast this year, unemployment is historically low, GDP is steadily increasing - basically the general economy looks good! The only real concerns are the trade wars with China, Mexico and Canada and political fear among the general public.
Federal Reserve Chair Jerome H. Powell stated today that although the economy is expanding faster than normal and no longer needs low interest rates to stimulate growth, "we're always prepared to shift the stance of policy and to shift it significantly if necessary".
Whatever happens in 2019, there is always a real estate opportunity. Happy New Year.