WILL 2020 BE A GOOD TIME TO BUY IN CALIFORNIA?

Economists say that 2020 will be positive but not stellar for the housing market in California.

Although last year they expected 按揭 rates to rise and they fell keeping real estate markets much stronger than anticipated. Lesson…real estate predictions can be tricky business.

CALIFORNIA STILL SHOWING GROWTH

Despite some predictions from expert economists that the west would face a tough 2019 real estate market, California proved to be one of the better housing markets in the country. In fact, the Central Coast median 首页 prices were up 3.3% year over year according to the California Association of Realtors. Southern California had a 7.5% rise, the Central Valley up 6.3%, while the Bay Area had only a 2.2% rise.

PERSISTENT LACK OF SUPPLY

California’s housing market will continue to be fueled by a persistent lack of supply, keeping pressure on rising 首页 purchasing and rental prices. Sales of homes $500k and $1 million rose by 15.5% on average, yet sales under $300k dropped sharply by 14.2% and homes over $2 million dropped slightly by 3.2%, according to California Association of Realtors.

SELLER OPTIMISM RISING

In CAR’s buyer survey, respondents who thought it was a good time to sell increased 4% to 51%. Only 24% of 买家 stated they felt it was a good time to buy, down only 1% from last year, despite lower rates. Prices, down payments, and selection are likely the key factors stopping 买家 from buying homes. With higher real estate prices, first time 买家 will continue to struggle to come up with a down payment thus keeping the rental market strong.

Whether you are looking to buy or sell, market conditions are looking good for 2020. As the #1 broker on the Central Coast, C21 Hometown Realty’s 代理商 have the most homes listed and the most homes sold! Visit one of the ten local 办事处 throughout the Central Coast or click on c21首页.com.

关于 CENTURY 21 Hometown Realty – Hometown Realty is the leading real estate firm on the Central Coast of California with 办事处 spanning Santa Barbara County and San Luis Obispo county offering expert 代理人 and convenient locations.