Aspiring homeowners have a bit more waiting to do until the market shifts in their favor. A year and a half, to be exact, according to the 2018 Q3 Zillow Home Price Expectations Survey.
The Zillow-sponsored survey asked more than 100 real estate economists and experts for their predictions about the U.S. housing market, including when buyers can finally expect to hold the cards.
Luckily, new data suggests that after 42 consecutive months, the balance may be starting to tilt back toward buyers. The largest share of survey respondents— 43%—believe the national housing market might become a buyer’s market in 2020.
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"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," Zillow Senior Economist Aaron Terrazas said in a release. "Conditions are starting to show signs of easing up, but the effects of years of limited construction still linger. Inventory is still falling on an annual basis, and home values are growing well above their historic pace. Although these trends are starting to lose their edge, it is far too soon to call it a buyer’s market."
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Before you get too excited, experts predict that things will get worse for home buyers before they get better. The Zillow panel foresees home values continuing to rise nationally (around 5.9%) until the end of the year before dropping to under 3% by 2020.
Hang in there, y’all! There is a light with four walls and a roof at the end of the tunnel.