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Five Trends for Selling Homes in 2019

As the real estate market continues to change and progress, trends change and that could influence how you sell your home. With 2018 drawing to a close and 2019 just a few short weeks away, now’s the time to start thinking ahead about a few of the trends you may encounter if you’re planning on selling your home soon. Following these trends is important, as they can both help you understand what to expect, and even help you sell your home for a better price.

Here are five trends that will very likely continue through the year 2019.

The Economy Is Growing

Arguably the biggest predictor of the real estate market is a market’s economy. All across the United States, lower taxes, higher wages, better employment opportunities, and the return of high-paying jobs to American shores has created what some economists believe is the strongest growth run in American economic history. That’s only good news for home buyers, and will likely continue to fuel a thriving real estate market throughout the year.

To be specific, one of the largest growing sectors is foreign investment. Citizens from wealthy nations like China, Singapore, Canada, and more are all investing in property in the United States, knowing it will provide them with both a great vacation destination and an opportunity for further business growth and investment. Don’t be surprised if you receive an offer from a foreign national if you sell your home during 2019!

Lots of First-Time Homebuyers

Millennials have been seen as a generation of renters for years, but statistics and research are showing that’s not necessarily the case. It turns out, millennials are actually becoming homebuyers far more than you might think, and that means there’s a strong chance you may be fielding offers from potential first-time homebuyers. The biggest reason: as millennials become further integrated into the workforce and start accepting higher-paying jobs and lifelong careers, they’re becoming more comfortable with taking out a mortgage, confidently knowing they’re in a good place to make sure they can handle it.

Los Angeles is one of the biggest markets for millennial homebuyers as well. If you’re looking to sell your home, don’t be surprised if an offer comes from a younger homebuyer. In fact, this may be to your advantage: most first-time buyers have few to no contingencies, which makes their offers appealing.

Interior Design Is Getting Bolder

Interior designers are always updating their advice for what’s “in” in home design, and while every person has their own unique tastes, there are many buyers who are in the market for something that’s trendy and in line with modern design and fashion. One of the biggest changes: white and gray wall colors are fading out. Accent walls, bold color choices, and other pops of color are coming in. The same can be said for kitchen design, where metal appliances and even mixed metal are becoming popular. Are you worried that the accent wall in the bedroom may be an eyesore for potential buyers? While it may not be everybody’s cup of tea, you might be surprised at how many people it actually appeals to.

Mortgage Rates Are Increasing

For much of the year 2017, the average rate for a 30-year fixed mortgage was in the range of 3.98 percent. However, 2018 saw rates start to rise, and they’re showing no signs of slowing down. In June of this year, the mortgage rate reached 4.57 percent, and it’s only supposed to keep going. The Mortgage Bankers Association expects that the average rate for the same loan will be as high as 4.9 percent by the fourth quarter, and by the end of 2019 would be as high as five percent!

That adds a considerable expense to buying a home, and buyers will likely be in a rush to get their dream home before the rates make it unaffordable. Some investors predict a decline in sales in the coming months, but expect the early months of the year to be busy for sales!

Prices Will Continue to Rise

According to Zillow, the popular online home listing website, the average home price in the United States went up by 8.1 percent over the course of 2018. In the Santa Clarita Valley area, that number was a little lower: 2.9 percent. However, it’s expected that the market will continue to climb in the area and all across the country. The median home price in Santa Clarita is now slightly over $540,000, and a one-year forecast says values will increase by another three percent next year. That means in a year’s time, your median price could be about $556,000. Expect your investment to continue to reward you well into the future.

Interested in selling your home? Talk to a Santa Clarita realtor! Call Dippy Chhina at (661) 441-3304 and find out more about how to sell for the best price!