Last year was a great year in real estate. Mortgage rates remained low, home prices soared and people were buying – giving sellers the upper hand. For agents and auctioneers at United Country Real Estate, they also had a successful year in 2018, growing by record breaking numbers for most of their franchise offices.
This year, experts are predicting a steady year across the board for the real estate market. The biggest thing to watch for is mortgage rates. They are expected to have a slow but steady increase throughout the year. However, they will continue to remain below historical averages.
“We are predicting that we will see a flat market as we go throughout the year,” said Mike Duffy, president of United Country Real Estate. “It’s good for us as a company considering where we are right now. I think the economy will stay strong, interest rates will stay below the norm even if they climb some and we are feeling good about the residential market.”
Experts mentioned in a recent Forbes Magazine article agree with Duffy. They predict that the residential market will be characterized by rising mortgage rates and a rise in millennial demand. The largest cohort of millennials will turn 29 this year and enter the home-buying age, increasing buyer demand across the country. With this, inventory is expected to increase as well, making home prices slightly fall and making homes more affordable for buyers. When it comes to land, Duffy says he expects the land market to continue to see slight and steady increases in inventory. This even includes farmland, which has taken a large hit in the past few years.
“Land has been quiet for a while so it’s time for a turnaround,” said Duffy. “We’ve seen dramatic gains in the past couple of years in recreational real estate so I think it’s caused some positive movement in the overall land market.”
Overall, the fast-paced market we had in 2018 is due for a slowdown, but should remain steady. For United Country Real Estate, Duffy says there’s nothing to worry about.
“We’ve got some of the most talented agents and auctioneers in the industry. Commissions are up, stats are really strong right now and we’ve continued to see a lot of growth,” said Duffy. “We’re in a good place as a company right now so if the market levels out, we will remain in a good place.”
Learn more about United Country Real Estate by visiting their new, next-generation website at www.UnitedCountry.com.