2019 predections real estate, livermore, california exodus
2019 Real Estate Predictions
More Exodus –
The population of California is growing slower year over year, and more residents are looking to
move out of state. A Fox news poll this year indicated 46 percent of Bay Area
residents plan to pack up in the next few years. Two years ago, it was 34 percent
and last year it was 40.
5% Rates Or Higher
– Rates in late 2018 to early this year saw a slide down to roughly 4.5%
percent. On 1/4/19 the employment report came in better than expected and
reversed the course of rates. These events send rates higher and lower, but what
is the future of the mortgage rate? Looking at the 6 major predictors of rates
we see an average of 5.17% for 2019.
Low Single Digit
Appreciation – The California Association of Realtors has
forecasted an increase of 3.1 percent for the median home price for homes in
California. This follows a 7.0 percent increase in 2018.
Longer Time To Sell
– As a seller it is important to understand that all markets go up and down and
this is nothing new. Looking at the trends, you need to be prepared to have
your home on the market longer because as my next point indicates…
– With more choices in homes for sale, homebuyers will be a bit more patient.
Buyers will focus more on staying in a home longer term because there is less
appreciation in the short term. A longer timeframe for staying in a home will
make buyers more picky.
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