Buying and Selling Guide to Outer Richmond Real Estate
As the founder of a top-producing local real estate team and brand, I’m committed to giving you excellent personalized service. This guide offers a timely analysis of the housing-market indicators for Outer Richmond that will help you strengthen your negotiating position as a buyer or seller and help you develop a winning buying or selling strategy.
[NOTE: This report was completed moments before Shelter In Place took effect, so use it as a barometer, or point of comparison. Our 2020 predictions may need to be modified in the short term, but the historical data will not change. You can also subscribe to our blog, or follow us on social media for the latest updates.]
A sample of what you’ll find in the report:
The 2019 Economy and Housing Market in Review
In 2019, the national economy grew at a steady, healthy pace. Employment remained near all-time lows, and gross domestic product (GDP), a measure of all goods and services produced during the year, grew by more than 2%. In spite of some potentially negative economic events, such as the trade war with China, the U.S. economy remained strong. Wage growth for the period of October 2018 – October 2019 tied with April 2008 – April 2009 for the largest year-over-year increase in the past decade. The country also added 312,000 jobs in December, nearly doubling November’s job growth of 176,000.
The Federal Reserve surprised a lot of folks when they reduced the federal funds rate three times in 2019 in order to maintain a thriving economy. The federal funds rate, which indirectly impacts a variety of consumer interest rates including credit cards and car loans, significantly affected mortgage rates in 2019.
After rising in 2018, last year’s mortgage rates returned to historic lows. Lower rates typically improve housing across all markets by giving home buyers access to cheaper financing.
It is my own personal, and firm belief our real estate market will come roaring back once the Coronavirus disaster blows over.
We are in a major holding pattern. The lack of closed transactions is not a result of the lack of buyer demand, or sellers unable to sell. It is the result of it being damn near impossible to show property at the moment (although a sale can be done as I described in this post). Most of the buyers before SIP are still out there, and most of them are still eager to buy. We can only wait. We can, however, do many things right now to get you ready for when the time comes and this all blows over.