You can do more than observe National Homeownership Month during June … you can celebrate by participating! Here are some reasons why now can be a great time to buy, whether you’re a first-time buyer or already a homeowner.
Make 2019 a year to remember
A booming economy in 2017 and 2018 contributed to an especially hot real estate market in California. This included higher home prices, fewer homes for sale, and rising interest rates. Many potential buyers decided to wait things out until the real estate and financial markets cooled off.
If you’re one of those who’ve been waiting for a better time to buy, here’s some good news. Local REALTORS® describe the 2019 San Francisco Bay property market as “balanced,”
with equal numbers of buyers and sellers. And while interest rates were predicted to rise this year, they’ve actually been falling since April.
More good news for homeowners
According to a Federal Reserve survey
, an American homeowner’s net worth in 2016 was 44 times greater than that of a renter ($231,400 vs. $5,200). Interestingly, since the previous 2013 survey was published, a homeowner’s net worth increased by 15% … but a renter’s net worth actually decreased by 5%.
Now for the not-so-good news for renters … and how we can help
Although 2019 brought good news for homebuyers, the news wasn’t good for many renters. In addition to their net worth decreasing, rent costs continued to rise – and California was one of the hardest-hit states. Four California cities (Stockton, Anaheim, Sacramento, and Long Beach) were included in the top 10 large cities with the highest rent increases over the past five years. Stockton came in third in the nation with a 28% increase
- more than double the national average rent increase during 2014-2019.
Ready to become a homeowner? Learn more about your options today.
If you’re tired of seeing too much income going towards rent, or ready to move up to your next home, take a few minutes to learn more about your home buying options.
We understand the unique needs of homebuyers in the Greater San Francisco Bay area and throughout California and can introduce you to an array of mortgage programs that include condominium financing and loans with low down payments. Every Private Mortgage Advisor loan originator is dedicated to providing customized, personalized service to every client, from first-time buyers to seasoned investors.
Contact us today
, and we’ll help you begin your journey towards homeownership. We specialize in financing California properties, and we’d like your home to be next.
Jun 17, 2019