CALABASAS CA HOMES FOR SALE
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David Watkins is a professional committed to providing excellent service to his clients, colleagues and Featured Calabasas Communities. David Watkins incorporates various methods that specialize in the marketing, listing, and sale of Calabasas Homes for Sale. David aims to provide knowledge and sound advice regarding the ever-changing real estate market, so that his clients are not merely bystanders, but active participants involved in the sale or purchase of their home. He ambitiously implements new ideals and explores new avenues of technology to make the selling and buying of real estate faster, easier and more efficient.
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Calabasas Real Estate Newspaper – November 2017
Calabasas Real Estate 2018
by David Watkins
According to recent job numbers, the state of California has more than recovered from the Great Recession of 2008. In September 2017, the number of jobs available in the state reached over 16.8 million, more than the 15.7 million held before the Great Recession. Although these jobs numbers
are promising, they don’t necessarily mean that everything about our economy is strong. For example, wages have not kept pace with an increasing number of jobs, and while the working population has increased by 1.6 million from 2008, the number of jobs has only increased by 1.1 million. At this rate, however, California employment is expected to make a full recovery — in terms of job availability and wages — by 2019.
With the economy expected to continue growing, housing demand should remain strong and incrementally boost California’s housing market in 2018, though a shortage of available homes for sale and affordability constraints will be a challenge, according to the “2018 California Housing Market Forecast,” released today by the California Association of Realtors® (C.A.R.). The C.A.R. forecast sees a modest gain in existing single family home sales of 1.0 percent next year to reach 426,200 units, up slightly from the projected 2017 sales figure of 421,900. The 2017 figure is 1.3 percent higher compared with the 416,700 pace of homes sold in 2016.”So, what does that state of our economy mean for home buyers and sellers in our area? Here are our two predictions about the
impact these economic indicators will have on the local real estate market.
EMPLOYMENT HAS THE BIGGEST IMPACT ON THE REAL ESTATE MARKET
Whether the economy is good or bad, employment has the biggest impact on real estate sales. When more Californians are employed, then all types of property — including homes — are more likely to be occupied. High employment also spurs new housing construction, increasing the size of the real estate market.
JOB QUALITY ALSO AFFECTS LOCAL HOUSING MARKETS
Although employment affects housing markets generally, the quality of jobs created and available also affects the real estate market: when individuals have higher-paying, higher-quality jobs, they’re able to afford more expensive properties. Wages largely depend on the types of jobs being created: skilled jobs typically mean higher wages, and areas with more skilled jobs (versus unskilled jobs) typically have more diverse and robust housing markets.
Conclusion: As our state continues to recover from the Great Recession, there’s good reason to believe that Los Angeles’ economic future is bright — and that our local housing market will also strengthen.
Calabasas Real Estate Blog
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