Realtors Release A Scary Forecast On The Real Estate Market


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Meanwhile the forecast for 2019 that was released by California Association of Realtors (CAR) on the real estate market is a little scary. It is common for many housing economists to wait for November or December before they release their predictions but CAR’s forecast showed confidence regardless of whatever happens in the coming weeks.

Whenever realtors say that there might be a little adjustment in the market, people must take it seriously. The last time that CAR made a prediction about a minor correction in the market, property values fell heavily.

Realtors usually have the natural tendency to keep to a minimum any downturn in the market. By nature, realtors are optimistic and believe that they need to enthusiastically promote their services. However, when there is a forecast of modest decline in existing home sales, people should take cover.

The existing number of homes sales this year is lower than 2017 and CAR expects that sales will drop further in 2019. Inventory is scarce this year particularly properties that are below $450,000. For the coming year, inventory is expected to increase but there will be fewer buyers due to economic and demographic factors.

According to President Trump, the biggest threat is the Federal Reserve that has increased short term rates for the third time this year. Mortgage rates increased to the highest level in 7 years and created uncertainty among home buyers and equity traders. Property values are climbing too high and buyers are spooked.

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