“How’s the market?” That’s a question we hear year round, but we certainly hear it more often with the turn of a new year.
Overall most people expect the 2019 market to be similar to the markets of 2018 and 2017. The last two years have been extremely heavy seller’s markets due to high demand and low supply, although we expect to see a small shift this year as inventory begins to rise.
With low interest rates it still makes a lot of sense to buy today instead of waiting for a “better” market in the future. A $300,000 home this year could cost an extra $100/month next year due to rate increases and appreciation. For more information on how rates affect your purchase power check out our old blog post “The Right Time to Sell“.
Key market stats:
-The 8,002 single family and condo sales in Dane County during 2018 make it the 3rd highest sales year ever trailing only 2016 (8,085) and 2017 (8,079)
-Dane County prices are up roughly 5% over the last year
-Rates are higher than they’ve been, but still extremely low. As of January 10th the 4.45% rate on a 30 year fixed mortgage was the lowest since mid-April.
