The 2019 Housing Market: Crash and Burn or Soft Landing?
Earlier this week, NASA managed to land its InSight spacecraft on the surface of Mars. After a million-mile journey, NASA scientists, engineers, and space junkies around the world held their collective breath as InSight went from racing across the galaxy at 12,300 mph to zero.
In what some refer to as the “seven minutes of terror,” they had no idea what was happening until InSight pinged them letting them know it had made its anticipated soft landing on the Martian surface. A much-anticipated soft landing after a wild ride sounds pretty nice.
The home value rocket ride we have been on for the past few years may be coming to an end, according to many industry experts.
For a while, home prices have been zipping along at an astronomical clip. Over the last six months we have seen some slowing in home price increases, and as we look to 2019 we can only hold our breath as we wait to see what happens with the housing market. Will it crash and burn? Or will it make the soft landing many with market insight believe will happen?
Most believe that the home price trajectory will flatten out as prices and interest rates weigh on affordability. The reason they seem to think we are looking at a soft landing rather than a crash is that inventory is also low. Basically, the expectation is that there will still be enough people interested in buying a home and able to get the needed financing to keep available inventory moving at a reasonable pace. Good news for all of us trying to navigate the 2019 home buying market.