On my recent trip to New York City, I had the pleasure of discussing the state of our nation and its marketplace with a few distinguished economists. Today, I’ll be sharing their forecasts with you.
The economic consensus outlook is very bright going into 2018. We’re in a synchronized global economy and expansion phase after a long and slow recovery from the real estate downturn in 2008.
Consumer-positive sentiment is at an all-time high, unemployment is low, and wages are starting to rise.Also, the tax reform promises to have an additional positive impact on the market and the economy in general.
The outlook for real estate also continues to be optimistic for the coming years, with millennials entering their prime home buying age bracket. And continued low interest rates have increased the affordability factor for buyers in our market.
Of course, those of us who live in Southern California are especially blessed with great weather and a desirable location. The number of homes on the market in Orange County is significantly low. As of Jan 1st, 2018 there were less than 4,000 homes on the market, the lowest new year inventory since 2013.
Between the low number of homes on the market, the low interest rates, and the high level of affordability buyers are seeing from our market, it is a great time to be a seller. So, if you’re thinking of listing your home, now is a fantastic time to do so. Let my team’s 99-point marketing plan go to work for you.
There are also great advantages right now for buyers in our market. Low interest rates won’t last for long, so buyers should take advantage while they can.
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If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.