Patti Smylie, Realtor® ReMax Accord Tri Valley

1. high employment and rising wages create fuel in rising home prices
2. demographics – lots of millennials buying and baby boomers selling
3. interest rates – on decline and expected to go down further
4. migration – slowed to keep prices stable
5. cost of business – extremely high
6. home prices – high and rising
7. rent vs buy – paying someone’s mortgage is cheaper in the short term
8. multifamily new construction – total construction starts in 2019 are down 8%
9. taxation and tax savings – much better this year

With taxes dropping, interest rates stable, wages rising, prices stable, mortgage requirements reasonable, and rising personal savings, why aren’t people buying? Simple, they’re hoping prices will drop.