How to Buy a Home in 2019

Looking to buy a house in late 2019 or trying to decide if this is the right time for you?

We understand that the housing market in 2019 has come with a lot of little quirks and that’s why we put this guide together to help you make the right decisions.

Detailed below are some of the most pressing issues we have seen in the 2019 housing market, along with some of the solutions.

Housing Prices 2019

Over the past couple of years housing prices have greatly outweighed income growth, making it very hard for people to buy their dream homes.

This can be a critical issue for anyone trying to buy a home in 2019, luckily there is a way around this, lower down payments.

In 2019 the typical down payment for a home is no longer 20%, but is more like 5-15% and sometimes even as low as 0% (for this who qualify).

Tight Inventory

Over the past couple years inventory has fallen dramatically, but over the past couple months inventory is finally starting to make a comeback.

Sadly, even with this increase in inventory a lot of buyers are still struggling to find their dream home.

To combat these issues we have several techniques to help you overcome 2019's tighter inventory.

Solution #1: Buy a Fixer Upper

Even though this may sound like a difficult option, there are a couple reasons why this is a great one.

See, by buying a house that is just below your price range, you can not only see an incredible return on your investment, but you can also customize all of the little details you've always wanted in your dream home.

Just make sure the house doesn't have any major red flags like a collapsing foundation, asbestos, or extensive water damage.

Solution #2: Look at Older Listings

A common misconception we see with home buyers is that they believe that any house that has been on the market for too long must have some major issues.

Most of the time this isn't the case. Typically what's happened is that the seller has overpriced their home and has been reluctant to make any adjustments.

When this happens, a lot of buyers end up missing out on amazing homes, that could have been perfect for them with the right price negotiations.

Interest Rates

In 2019 interest rates were predicted to steadily rise throughout 2019, yet so far interest rates aren't far from where they were a year ago. At this point its not clear where they are heading in the next 12 months.

This is definitely a concern for prospective buyers, who are thinking we should do this sooner rather then later.

Since we don't know what the future holds, we recommend taking advantage of these historically low interest rates by locking in a low interest rate mortgage.

Thanks for Reading Our Blog!

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If you need help or have any questions about this blog article, or buying a home in 2019, feel free to shoot an email over to pandora@pandorajohnproperties.com.