The first half of 2019 saw the housing market (finally) start to shift away from being a seller’s market. While sellers are still holding a lot of sway, buyers are seeing prices drop and negotiating power rise. This is great news for first-time homebuyers, most of whom are millennials. Right now is a very good time for first-time homebuyers to go about that home search in a thoughtful and deliberate manner.
In a recent Forbes article, they asked industry experts what they predict will happen in the housing market for the second half of 2019. Here is what they said:
- Millennials will drive the market.
Consider it the year of the first-time home buyer. More than half of all mortgages originated by Fannie Mae and Freddie Mac went to first-time buyers last year, and with Millennials hitting their prime home buying years, those numbers are only going to grow.