Buying and Selling a House in 2018? Not so much.
The numbers are in and it’s true. There were fewer homes sold in California in 2018 compared to previous years. This signifies the slowing down of the housing market. Some might even say that California is in a housing bubble which is about to burst. Those who bought a house recently might consider honkering down because it won’t be that easy to sell the house in the coming months and years.
Certainly there is still high demand and low supply, so you will be able to sell your house if you want to. But, it’ll take a little longer and you may not get the top-dollar price you were hoping for.
New tax laws concerning property tax deductions, wage stagnation, and high interest rates are making people think twice before buying a house. Those who already own a home are thinking very carefully about whether or not they want to buy a second, rental unit. The median price for a house in California is $500,000. Given that salaries are not even keeping pace with inflation, this may not be a good time to buy investment property,
In Silicon Valley, it wasn’t that long ago when people were snapping up houses as fast as they were listed. Even less-than-perfect homes were being bought at an amazing rate. In 2018, not so much. Housing sales have dampened consdierably. Not to worry, California is a beautiful place and people from all over the country are migrating west to live the California Dream. So, there are buyers, but not as many as there used to be. Real esate agents predict that people who purchased a home during the peak of the housing market will likely need to sell the property for less than what they originally paid for it. Read more…