Haymarket Area Real Estate & Community News
Haymarket Homeowner HaymarketHomeowner.com Published by Bryan Garcia “Haymarket Real Estate Guy” Principal Broker EXIT Heritage Realty
WINTER 2019 Haymarket Real Estate Trends for Year of 2018 Bryan Garcia's Featured Properties Winter Events, Getaways & Activities 2019 Homeowner Improvement & Service Directory 2019 Around Town: Haymarket Area News Introducing The Garcia Real Estate Group Tips & Advice: 8 Ways to Save on Heating Costs this Winter Just for Fun: My Favorite Chili Recipe with 5 Twists Haymarket Neighborhood Real Estate Stats
Haymarket Real Estate Predictions for 2019
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s we dive into 2019 and the beginning of the Spring real estate market, I’d like to make a few real estate predictions for this year based on the housing trends we saw in 2018 in the Haymarket area. I am also taking into consideration expert forecasts and national real estate conditions. Here are my three predictions: 1. Inventory levels will remain low and in the favor of sellers, hovering at approximately 3 months of supply. In 2018, new listings in Haymarket were down 12.1% compared to 2017 (785 new listings compared to 893). We expect to see this trend continue. More folks seem to be staying put or investing in renovations. That said, buyers still remain extremely selective and have high expectations on improvements and maintenance conditions of the homes they choose to buy. Buyers are opting to wait, rather than compromise on what they really want in a home. Furthermore, many local buyers are looking in the $300,000 to $500,000 range verses the $500,000 to $1 million range (see Attached Home Sales in Haymarket increase on next page). FEATURED PROPERTIES
EXIT Heritage Realty Haymarket, VA www.EXITGarcia.com 703-753-9100
Winter 2019
Overall, the buyers that I have been working with seem to be focusing on upgraded features, home condition and their qualified price range. This will likely continue in 2019, especially with rising interest rates. 2. Home values should see a modest 2% to 3% appreciation with the median home value hovering in the low $500s. Median home sales price increased in Haymarket by 3.30% in 2018, which is higher than the national average. However, the real estate data from the last month of the year, December 2018, shows significant drops, which could be an indicator of a slow down in 2019. Also, with stock market fluctuations and government shut down, there is uncertainty in the air. 3. Mortgage interest rates should continue to rise throughout 2019, rising to 5% and above, and will likely approach 6% by the end of 2019. Borrowing costs are moving for three reasons: a strong economy, higher U.S. government debt issuances, and global trade tensions. This will present continued challenges for prospective buyers – especially first time home buyers – which is why home appreciation may cool down some.
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