Some may call it a “buyers’ market” but the truth is. 2019 may shape up to be a good year for real estate in general. Experts are predicting this coming year to be a good year for those looking to buy a house. For a housing market that has seen shortages and a lack of affordable homes this is definitely good news.
For home buyers one of the biggest complaints over the last several years has been that there weren’t enough homes for sale. The supply of houses hit historic lows in the winter of 2017 and has yet to rebound substantially. That fueled bidding wars, price increases and frustration. But according to the experts the supply crunch is expected to ease some in 2019 with inventory rising 10 percent to 15 percent. But the news of more home availability will be somewhat skewed toward the mid-to-high end of the market – houses priced $250,000 and higher – especially when it comes to newly built houses.
For first time buyers it may still be a little expensive but there are alternatives to single family homes. There are mobile homes or townhouses that can make a great starter home, both of which are on the rise. There are also manufactured houses – also known as mobile homes – who volume of shipping is expected to finish above 100,000 this year, up from 93,000 in 2017.
For first time buyers these are good options because of affordability. These homes are significantly cheaper than other home types. Not including land costs, the cost to buy a mobile home averages $70,600, compared with $257,900 for an existing single-family home and $309,700 for a new home.
Over all the housing market is expected to come out of the supply slump it has been in for the past several years. More choice and availability will make it a good year for those looking. Even for those needing a little extra cash a good economy may be the key.