A leading authority in foreign investments, Stuart Hansen serves as the vice president of Marquee Asset Management, where he manages the daily operation of the firm in California and coordinates with foreign investors from China, Japan, and other Asian countries. To inform his business decisions, Stuart Hansen stays informed of current developments in the real estate industry.
In September 2019, the California Association of Realtors (CAR) released its 2020 California Housing Market Forecast report, revealing the projected sales growth of the Golden State. According to the forecast, the sale of single-family homes will reach 393,500 units by 2020, a 0.8 percent increase from the 2019 projected sale of 390,200 units. At the same time, the median home price is poised to increase from $593,200 in 2019 to $607,900 in 2020. Despite the projected uptick, the numbers, which are still below the actual number of homes sold of in 2018 (402,800), reflect a staggering performance that is caused by economic uncertainty and issues with affordability.
According to Jared Martin, the president of CAR, buyers who possess more purchasing power may be hesitant to buy homes in California, even though the interest rates have remained at their lowest in the last three years. Affordability is a major factor as people, especially first-time buyers, are considering moving out of state in search of more affordable housing.
In September 2019, the California Association of Realtors (CAR) released its 2020 California Housing Market Forecast report, revealing the projected sales growth of the Golden State. According to the forecast, the sale of single-family homes will reach 393,500 units by 2020, a 0.8 percent increase from the 2019 projected sale of 390,200 units. At the same time, the median home price is poised to increase from $593,200 in 2019 to $607,900 in 2020. Despite the projected uptick, the numbers, which are still below the actual number of homes sold of in 2018 (402,800), reflect a staggering performance that is caused by economic uncertainty and issues with affordability.
According to Jared Martin, the president of CAR, buyers who possess more purchasing power may be hesitant to buy homes in California, even though the interest rates have remained at their lowest in the last three years. Affordability is a major factor as people, especially first-time buyers, are considering moving out of state in search of more affordable housing.