What’s on the horizon for our local real estate market in 2019? We’ll explore this question in today’s market update.
Now that we’ve entered yet another new year, it’s time to reflect on current market conditions and, also, review a few predictions for what lies ahead.
First off, are we in a buyer’s market or a seller’s one? Well, given that we’ve currently got about 3.1 months’ worth of available inventory in Ocean Springs and approximately four months’ worth across the surrounding area, our market still technically favors sellers.
Technicality aside, current conditions don’t necessarily reflect those of a true seller’s market. Sellers are frequently making concessions in order to incentivize buyers, so, in other words, people on both sides of today’s transactions have a good deal of leverage.
Our 2019 market will present a largely equal playing field for buyers and sellers.
Moving on, it’s also important to consider the impact of interest rates. Rates are now solidly in the 5% range and don’t appear as though they’ll drop any time soon. This will impact affordability, especially in lower price ranges, but is unlikely to slow down our market, overall.
In fact, a recent study by CoreLogic found that Mississippi’s projected appreciation rate for 2019 is 4.6%. This is a far better rate than we’ve observed for the past few years and definitely indicates a strong market on the horizon.
The bottom line of this update is that our 2019 market will present a largely equal playing field for buyers and sellers.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.