With the new year just around the corner, now would be a good time to take stock of what the housing market might be like in 2017. The California Association of Realtors has done exactly that with the release of their 2017 Housing Market Forecast, which takes into account multiple economic factors.
Association President Path “Ziggy” Zicarelli sees the lowest housing affordability in years, driven by tight housing supplies. But this might work in your favor if you’re looking for a new home in the Central Valley.
• Urban coastal areas, such as the San Francisco Bay Area, will see sales decline as home buyers migrate to more affordable areas, such as the Central Valley, which is predicted to outperform the more expensive markets.
• Kings County is considered the most affordable county in California, where 56 percent of the population is able to buy a median priced home. This compares to the 57 percent nationwide.
• Tulare County is the 7th most affordable county, with 50 percent affordability.
• Compare these amounts to San Francisco, the least affordable county, where only 13 percent can buy a home. Read the rest of this entry »