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How is the housing market going to be in 2019?
The market is not crashing!
However, I do see home values going down 1% - 3% in 2019.
It's a small price adjustment compared to how much home values have gone up over the last few years.
Home buyers are getting nervous
In 2018, all I heard buyers say was "home prices need to come down" and "I wish there were more homes for sale".
Now that home prices have softened a bit and there's more housing inventory, buyers are getting nervous... not happy.
Buyers see this and think the market is going to collapse.
I have news for you... there is no crash in sight.
What is happening now in the market is what home buyers have been begging for.
You should be thrilled prices are lower and you have more to choose from.
How do loan contingencies work?
If you are in escrow on a property, and you can no longer qualify to get a loan, you can back out of the deal because of your loan contingency.
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Let me explain...
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When you first submit your offer, there is a section where you write in how many days you want for your loan contingency period.
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Do you have a really good lender? She might tell you that you only need 12 days for your loan contingency period. 21 days is average.
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You can keep your loan contingency in place the entire escrow, but you probably won't get your offer accepted having that long of a contingency... the shorter amount of time the better.
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As long as you back out of the deal within your contingency period, you should be able to cancel escrow without any problems.