Thinking of buying or selling a home in 2019, and wondering what the Wyoming real estate market will hold for the year? We’re breaking down the Wyoming market’s 2019 real estate forecast, when to buy and when to sell, and how to maximize your profit.
Real estate trends are important to track because they help tell homeowners when to sell, when buyers should start their search, and what you can expect for both selling and buying price. These trends also track when you can list your home to get maximum profit, and when buyers should be on the hunt for a steal.
Factors like mortgage rates, home values, unemployment, and competition are all important for forecasting the year’s trends. Here’s what you need to know about the Wyoming market in 2019.
2019 Real Estate Market Forecast for Wyoming
It’s going to be a good year for the Wyoming market, as home values are predicted to go up in 2019. Right now, the median value of a home in Wyoming is $226,100. However, the median listing in Wyoming is $245.000.
In Wyoming, 2019 will be a seller’s market. Last year, less than 8% of Wyoming homesellers had to lower their listing price to sell, and most homes sold within a 100-day or less timeframe. Values have increased, on average, by 5.2% over the last year and are expected to go up another 3.1% in 2019.
Another factor contributing to Wyoming’s current real estate landscape is its shrinking unemployment rates. Mortgage delinquencies in Wyoming have been lower than the national average for the last couple of years. This means residents are making enough to afford homes, and 2019 is set up to be another good year.
When Is the Best Time to Sell a House in Wyoming in 2019?
Some of the best places to buy a home in Wyoming in 2019 include Worland, Green River, Newcastle, Vita West, and Rock Springs. If you live in one of these places and have been thinking about the right time to sell — 2019 could be it.
To get a good estimate of what your home could sell for in 2019, calculate your square footage by the median list price per square foot in Wyoming of $166. While this calculation can give you a rough estimate, a comparative market analysis done by a real estate agent will help you price your home to sell. A Clever Partner Agent can help you with this free of charge with their services.
Because of its rural nature, most houses in Wyoming are single-family homes. This could mean trying to sell a multi-family home is going to make the listing process more difficult. If you’re looking to list a multi-family home in Wyoming, work with a real estate agent to best market your house to find the right buyer.
Search activity beings to pick up in Wyoming around January, which is not standard for the rest of the country. The real estate market really starts to wake up in Wyoming each year in March, and 2019 will be no exception.
The market will remain strong through the summer months until August ends, giving Wyoming homesellers a large window to sell. March, April, and June tend to be peak months for listings to fly off the market, so if you’re looking to time your listing just right, consider going to market in one of these months. On average, homes listed in early May sell for $1,600 more than listing any other time of the year.
Which day of the week you list matters, too. Listing posted on Saturday are typically viewed more within the first week of listing, and typically sell faster because of this.
When Is the Best Time to Buy a House in Wyoming in 2019?
Interest rates have increased over the last couple of years, so if you’re planning to buy a home in Wyoming, don’t wait. Sooner is better than later to lock in the best price.
One of the best things about living in Wyoming is that it’s an affordable place to live and buy. If variety and viewing as many homes as possible to find the perfect fit for you is important, definitely buy when the Wyoming market is hot and inventory is high during the spring and summer. If you’re looking to buy at the lowest price possible, the winter months will drive prices down.
If you have children who are in school, and convenience is important in your home search, this will likely factor in to when you buy. Look to find a home between the months of May and July, dependent on your kids’ summer vacation schedules. Be aware, however, that other families are thinking of this strategy too, which has the potential to drive up home prices.
If getting the best home at a low price is most important to you, buy during the off season when competition is low. For Wyoming, this means between the months of September and February.
Homes in Wyoming, on average, will cost a buyer somewhere around 8% less in the months of January and February than other times of the year. This could mean huge savings that would lower monthly payments for a buyer whose primary concern is price.
A real estate agent will be in the know about upcoming real estate predictions that include factors such as mortgage increases and tax changes. A real estate agent will also take your most important factors into consideration, whether you’re buying or selling, and help you time your listing or purchase with these factors in mind while still getting you the best price.
An agent will also help you leverage some of these factors, like peak months and convenience timelines for buyers with school-aged children, when selling to drive competition. Agents will also be able to help both buyers and sellers negotiate to get the best price available.
A Clever Partner Agent can make sure you’re timing the Wyoming real estate market perfect when you’re looking to sell. Fill out this form, and a representative will be in touch to answer any questions and connect you with one of our full-service, local Partner Agents for a no-obligation consultation.