Last year came to a close with a median home price wavering around $615,000. Sonoma County experts have predicted a move towards a balanced marketplace. With more homes for sale, the playing field between buyers and sellers may be leveled.
But how does this fit in with the national picture? The real estate pros at realtor.com have made four major predictions for 2019.
More homes are expected to enter the market place across the nation. November ended with 909 homes for sale in Sonoma County, a 77 percent increase from 2017. With a number of new homes being built, Sonoma County may see home stock increases that fall in line with the national prediction.
Soft home sales are expected to continue. Nationally, home sales are on track for a mild year-over-year decline in 2019. Sonoma County may buck this trend, as fire survivors re-enter the marketplace after insurance payouts for rent end early this year.
Millennials purchase the most homes. Real estate buyers age 22 to 37, will continue to be the largest age group purchasing homes in 2019, accounting for 45 percent of mortgages. With millennials accounting for nearly 46 percent of the Bay Area population, we will continue to see home sales grow among this group. However, the rising cost of housing stock throughout the region may prove cost prohibitive for some millennial and older Gen-Z buyers.
New tax plan may influence home sales. Income tax changes that go into effect this year, may be more advantageous for renters, with lower rates and higher standard deductions that should lead to lower tax bills. For homeowners, the results will be mixed, with some owners benefiting from lower rates and higher standard deductions and others finding less itemized deductions and exemptions leading to a higher tax bill. Time will tell if these changes affect local sales statistics in 2019.
For anyone considering a new home, here’s a gallery of some of most attractive offerings below $600,000. Click through our gallery above to take a peek.
