January 2020 National Real Estate Market Update

January 2020 National Real Estate Market Update

National Real Estate Market Update: January 2020

Home buyers purchasing power in increasing across the nation. That’s great for buyers because it means it’s easier to purchase a home. And it’s also great for sellers because it means buyers can qualify for more money.

Hi, I’m Shemeika Fox, Your Santa Cruz Real Estate Expert, here to bring you the January 2020 National Real Estate Market Update. I’m helping buyers and sellers right here in Santa Cruz County buy and sell their perfect home.

Recently, First American did a report that shows home prices are up by 5.7%, which would have a negative effect on buyer’s purchasing power, roughly $21,300. However, mortgage rates are down 0.85% which actually means that buyer purchasing power would go up $40,200. Also, wages are up by 1.5%. So, if you take all these numbers into consideration, that means that a buyer’s purchasing power is actually up by $24,500.

This is great news, but some people are still feeling a little nervous about buying or selling because of all the talk of the recession. While we know that a recession is coming. Check out the study from Porch.com, which shows that Americans choose real estate as the safest investment even over a savings account, gold, or stock and bond. And don’t forget, rental prices continue to go up and owning a home has substantial tax benefits, so reach out to us at Fox Realty Group.

I’m Shemeika Fox, Your Santa Cruz Real Estate Expert. And we, at Fox Realty Group, would love to help you buy your dream home or sell and get a new one! Make it a great day!

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