When predicting what will happen in the future, you need to look at what is happening overall in the world.
Hi I’m Karie Hall with Homes by Karie and eXp Realty. We are seeing more jobs come in, people are spending money like crazy and life events that have been held off like moving, getting married and having babies are forecasted to increase. How is housing going to fair,? 2.7 million people lost their jobs back in 2020 at the peak of the pandemic and as of recently there are still over 1 million people who lost their jobs who have not gotten their jobs back.
Keeping this into perspective there are about 40 million people in California. How was California recovering so fast and seeing such appreciation? Look at the graph the stats that are in red are one of the lowest paying professions you see the leisure and hospitality were hit the hardest at just under 1 million, followed by retail trades, other services in admin support. But in green are higher income earners, and there are a lot less jobs that were lost that were higher income owners, most of the lower pay jobs were not in a position to buy a home anyway. Also interest rates coming to play when predicting weather prices will go up or down.
Rates are historically low. Averaging from 2.65 to 3.08% at the end of October. Historically we are at one of the lowest rates of all time. Even if rates go up, they will still be relatively low. We have the fifth lowest level of homeowner vacancy rates in the nation. The third lowest rental vacancy rate in the nation. All time low levels of housing inventory in December. An $830,000 record-setting median price in August. Second worst state for overcrowded housing. Second worst state for a percentage of rent burden households. Second worst state for overcrowded housing. Dead last for supplemental poverty estimates.
For more information please feel free to reach out reach out to me. Make it a great home buying and selling day. And as I always say when you do what you love people love what you do.