Buyers will have to wait another two years for the market to go their way.
A survey of economists conducted by Zillow and Pulsenomics found that the real estate market won’t favor buyers until 2020, Inman reported.
“For the past several years, home sellers held all the cards at the negotiating table, fielding multiple offers while buyers faced stiff competition and a fast-moving market,” said Aaron Terrazas, Zillow’s senior economist. “Conditions are starting to show signs of easing up, but the effects of years of limited construction still linger.”
Nationally, home value appreciation has been faster in 2018 than in 2017, and inventory has declined on a year-over-year basis for 42 consecutive months. Though in some markets these trends have eased, prices remain high and home values are expected to rise another 5.9 percent this year, according to Zillow. [Inman] — Kathryn Brenzel