Real Estate Trends
Home prices have risen nationally three times faster than incomes since the turn of the century, which has made home ownership an impossibility for more Americans than ever before.
In many large cities, home prices have outpaced income. In Miami, for example, incomes have risen 16 percent, while home prices have increased 58 percent since early 1998. New York's Long Island suburbs have seen just a 14 percent rise in incomes as compared to an 81 percent increase in home prices. Boston home prices have gone up 89 percent, while incomes have increased only 22 percent.
Even with a downturn in the real estate market looming on the horizon, home sales are still headed for another record year.
The first sector to show slowing is the high-end home market. Because of “overpersonalized” big-ticket properties, the pace of house auctions nationwide has surged.
Low interest rates are the only continuing positive trend of the housing market. Low rates average now less than 6 percent for 30-year fixed-rate loans, the lowest since the 1960s.
Real-estate analysts believe that if the housing market stalls, some areas will continue to grow modestly while other markets gradually go soft, rather than pop.
Weichman Real Estate is a well-established real estate firm, operating since 1947, and is now in its third generation. We offer a full range of real estate services from our regional office in Costa Mesa and another office in Irvine. We take pride in meeting the customized needs of our clients, with deep roots in the county since 1976. Our main goal is to provide a trusted, responsive, and convenient service, making us an excellent alternative to large, nationally-based companies. Additionally, Weichman Real Estate is committed to serving the community, having donated hundreds of hours to many area charities. Our dedication and quality service have earned us the prestigious title of one of the top real estate companies in Costa Mesa. If you’re interested in Orange County, turn to the experts at Weichman Real Estate. Let us help you make your real estate buying or selling dreams come true. You can call us at 714-241-4532 or email us at Larry@TeamWeichman.com. #WeichmanRealEstate #Weichman #LarryWeichman #Experience #LarryTheRealtorGuy #CostaMesa #openhouse