The California Association of Realtors (CAR) recently released its 2020 Housing Market Forecast – and the report indicated some telltale signs regarding whether or not next year could be a good time to buy or sell property in the Golden State.
For instance, the median price of a home in the state of California is projected to rise by roughly 2.5% – to just under $608,000 – in the year 2020. This follows an increase of more than 4% between 2018 and 2019.
One key reason for this is because interest rates have continued to remain quite low – and this, in turn, gives home purchasers an added layer of purchasing power. According to the CAR, the average 30-year fixed rate mortgage could fall below 3.7% next year. This is down from 3.9% in 2019, and 4.5% for 2018.
That being said, though, due to market and economic uncertainties – including the possibility of a recession – some would-be home buyers will likely choose to remain on the sidelines, keeping their funds in “safe” financial alternatives like money markets and CDs. This could have the effect of slowing down home sales growth.
Are you considering the purchase and / or the sale of a home in Bakersfield or Ventura County (including the areas of Thousand Oaks, Simi Valley, Moorpark, Conejo Valley, Westlake, or Newbury Park)? If so, we can help.
We’ll work with you to narrow down the right size home – with the amenities you’re looking for – in your desired location. And, if you have a property to sell, we will also provide you with a viable figure for its initial listing price, based on recent sales in the area. So, before your dream home is swept up by another buyer, give us a call and we’ll get started!