It’s hard enough remaining competitive in the housing market when inventory is down and interest rates are up. It gets even harder when many homes are purchased by foreign nationals and businesses. Typically, these homes sit vacant, taking up space while their owners wait for a chance to flip for a profit.
Sales may be down right now, but median prices are still up year-over-year. This is especially true in San Mateo County, where the market has seen a 13% rise since 2021. It’s a healthy reminder that the more things change, the more they stay the same.
What we refer to as “inflation” is generally measured by the Consumer Price Index, a measure of average prices for basic necessities like gas, food, and housing. The CPI jumped more than 9% from June 2021 to June 2022, hitting a new 40-year high in the process.
So how can you keep inflation from affecting your wallet? The Skimm has a few tips.
In a constantly evolving market, data is king (or queen). Regardless of where your home falls on the price spectrum, one key performance indicator for the housing market is luxury sales, which reached historic highs in the spring. But just a few months later, numbers are down year-over-year:
Did you know? 90% of millionaires made their money through real estate. Whether you’re a first-time buyer or a seasoned investor, homeownership can help you secure a healthy financial future for you and your family!
