One of the most popular pages on my website in 2018 was an article where I addressed the perennial question, “Is it better to sell my home this year, or next?” In that posting, I opined that the preponderance of evidence is that 2018 was shaping up to be a pretty good year for home sellers. Today many sellers are wondering about selling a home in 2019 vs. 2020.
Why The Real Estate Market Has Gone Soft
After much thought and analysis, it seems to me that the softening of appreciation in home prices is due to the market finally reaching the limit of affordability. In Santa Cruz county, only 12% of households can “afford” a median-priced home (with a 20% down payment). In Santa Clara county that number is 16%. In Monterey county, it’s 19%. It looks like what we’re seeing today simply comes down to the fact that buyers simply can’t afford to pay more for housing, so the market has stalled out.
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- Stop the Madness! Just say NO on AB 1482 September 9, 2019
- 2019 Mid-Year Real Estate Update for Santa Clara, Santa Cruz, and Monterey July 11, 2019
- Silicon Valley Real Estate Prices Drop Sharply in Q1 2019 April 17, 2019
- Senator Scott Wiener Talks SB50 April 10, 2019
- Selling a Home in 2019 vs. 2020 January 27, 2019