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As expected, rising rates and rising home prices slowed down real estate sales, including new construction. However, even amid these pressures, economists are optimistic about lending in 2019.
Economic growth and Millennial’s desire for homeownership remain steady.
Since rising rates are likely to push out investors, Millennial’s will find the market less competitive and working toward their favor –helping to offset the less favorable rates. Thus, despite predictions that home prices will continue to rise through 2019, home sales will likely remain at a respectable 6.18 million in 2019.
The Takeaway: Millennials are vital to the nation’s economy and will continue to be for several decades. Structuring your lending business toward this group, including niche homebuyers like Hispanics and Veterans, is necessary for any lender looking to thrive and dominate in 2019.
Source: https://www.mpamag.com/news/rising-rates-slow-housing-market-down-in-q3-115046.aspx
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