Nov 2019 National Real Estate Market Update

Dated: 11/07/2019

Views: 55

Nov 2019 National Real Estate Market Update


What’s happening in our National Real Estate market and how does it apply to you? 

Well, from my perspective, now may be a very good time to buy and here’s why. 

Hi I'm Ryan Cook, Broker/Owner of HomeSmart First Class Realty.  

Great news, the percentage of income needed to buy a median priced home is down to 15.7% and the historic norm is 21.2%. 

Payment As A Percent Of Income

So taking everything into consideration, including the price, mortgage rate, and wages, it’s more affordable to buy a home now than it has been in the past. 


"It's more affordable to buy a home now than it has been in the past"


This is also great for sellers because it means that more buyers can afford to purchase. 

This is especially good during the holiday season as we tend to see the housing market slow up a tad. 

Let’s also talk again about the R-Word; Recession. 

Is a recession in our future?

The answer is, yes, according to most of the real estate experts, advisors and analysts across the nation...

but I am going to keep reminding you that Recession does not equal housing crisis. 


"Recession does not equal housing crisis"


Here’s a graph of the last 5 recessions, and we saw prices increase in 3 out of the last 5 recessions. 


Home Price Change During The Last 5 Recessions


We need to be more worried about all the hype and negative media the news is trying to create. 

Remember, they make money by drawing eyeballs and have a vested interest in bad news. 

And, not picking sides, if you believe the President, the media also has an interest in any news that can negatively affect him.

Now, according to the Home Price Expectation Survey, which is made up of over 100 Real Estate Experts, Financial Advisors, Analysts and Economists, we are going to see appreciation over the next 5 years. 

Just as we noted in last month’s market update, a home priced at $400,000 is likely to see a $60,400 increase in equity over that timespan. 

The point is we still anticipate growth in your home’s equity, even during the projected recession, just not as much as we have seen in previous years.

Also, remember, don’t wait to buy because you’re afraid of all this negative media, as rents are also increasing and are anticipated to continue to go up. 

Don’t listen to all the hype, listen to the true facts. 

Reach out to one of us at HomeSmart First Class Realty and we'll make sure that you’re best interest are served!! 

And As always, who you work with matters, so work with someone who cares, has the heart of a teacher, and always puts YOU first.

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