Home Prices Slightly Rising

Home prices across the nation are continuing to slow as indicated by the 8.1% rise that America’s housing market experts observed in June. The housing sales in Denver, Chicago, and Cleveland have fallen for 3 months in a row. Many individuals are concerned with what exactly it will take to get people to start buying homes again!

Currently, the strong markets are the markets that house foreign buyers. The home sales are flat lining because most markets are relying on entry-level buyers. The problem lies in the fact that entry-level buyers are swamped with student loan debt! Today’s students have racked up approximately 1 trillion dollars in debt. This is what is continuing to have a huge impact over the housing market.

We are beginning to see some areas, such as San Francisco, that are severely overpriced. The home prices are increasing much faster than salaries. However, experts predict that prices will continue to appreciate until the supply exceeds the demand.

John Burns disagrees with President Obama who recently stated that we are in the midst of a robust housing market recovery. This may have been true a couple of years ago, but fails to be true now. However, things could be worse! While the prices are flat right now, they are not decreasing. As a country, we must continue to focus our attention on job growth, and wait patiently for the recovery to reach completion.

For real estate assistance in any of the Lafayette, Orinda, Moraga, Walnut Creek, and Alamo communities, please give Stella Tsakonas a call! As one of California’s most decorated and experienced real estate agents, she will not stop working until you are completely satisfied!