July 19, 2024

2024 Real Estate Rents Down & Vacancy Rates Up

2024 Real Estate real estate

It’s possible that the slowing real estate markets in Phoenix, Arizona and Austin, Texas could have some indirect impacts on the California market, but it’s unlikely to be a direct and significant hit. Here’s why:

Similarities and Differences:

  • Similarities: All three states have experienced booming housing markets in recent years, driven by factors like low mortgage rates, remote work trends, and in-migration from other parts of the country. They also share some similar challenges, such as rising interest rates and affordability concerns.
  • Differences: California’s housing market is much larger and more diverse than those of Phoenix and Austin. It also has a much higher median home price, making it less directly comparable. Additionally, California has its own unique set of factors influencing its housing market, such as stricter regulations and a larger tech industry.

2024 Real Estate – Rents Down & Vacancy Rates Up

Potential Indirect Impacts:

  • Reduced buyer competition: If buyers are priced out of Phoenix and Austin, some of them may turn their attention to California, particularly in more affordable areas like the Inland Empire or Central Valley. However, this is likely to be a relatively small effect, as California’s own affordability challenges will still deter many buyers.
  • Changes in migration patterns: If fewer people are moving to Phoenix and Austin, there may be fewer people leaving California for those markets. This could potentially help to ease some of the supply and demand pressures in California.
  • Psychological impact: A slowdown in other hot markets could lead to a loss of confidence among some California buyers and sellers. This could dampen demand and lead to slower price growth or even price declines in some areas.

Overall, it’s important to remember that the California housing market is complex and has its own unique dynamics. While the slowdowns in Phoenix and Austin may have some indirect impacts, they are unlikely to be the main driver of any changes in the California market.

Here are some additional factors to consider:

  • The pace of interest rate hikes: If interest rates continue to rise, it will further dampen demand in all three markets, including California.
  • The strength of the job market: A strong job market in California could continue to attract buyers, even if prices are high.
  • The availability of new housing: If California can increase the supply of new housing, it could help to ease affordability pressures.

Well, with all that said, one has to consider that some very formally hot real estate markets which include Phoenix Arizona, Austin Texas, Las Vegas Nevada, and Florida, have now softened quite a bit. In general, depending on home mortgage rates, and the state of the national economy, the possibility is increased that this softening in both real estate sales and rentals could could spread not only to California but to the entire nation.

It’s important to stay informed about the latest trends in the California housing market and to consult with a qualified real estate professional before making any decisions about renting, buying or selling a home.

2024 Real Estate – Rents Down & Vacancy Rates Up

#######

    • Brokerforyou.com is for SALE

      Just like most major businesses, the easiest way, and the fastest way to expand your business and influence in your particular market is through strategic acquisition. Just look at Google, they are the number one search engine in the world! Google bought Youtube in November 2006 for US$1.65  billion! YouTube now operates as one of Google’s subsidiaries.

      www.brokerforyou.com is for sale and is offered with a very popular San Diego residential real estate channel with 1.16K subscribers and 114 videos!!

      What’s the approximately monthly cost to host a website?  With shared hosting, you’re hosting fee can break down to about 10 to $15 per month. To keep your url registered (that’s your site address), this is usually paid on a five to 10-year basis, which averages out to about just a dollar per month!  Naturally, if you add direct hook-up to a MLS database, that provides lead capturing, this costs can vary greatly from provider-to-provider.

    • Also available, much smaller aged websites (not just urls)  for Real Estate agents and brokers in California.  Yes, since I’m retired from Real Estate now I have a number of websites that are available that you can use for readings to your main site.  The following  real estate  area sites are available but subject to prior sale,  without notice:  San Diego, downtown San Diego, Del Mar, Encinitas, Orange County,  and Los Angeles. If you’d like to purchase any of these sites with all the content included, you can get them at a Bargain Basement price.  Please contact me if you’d like further details.
    • Interested, call Bob Schwartz (619) 286-5604 for additional information
    • #######

      home water leak detector – https://flumewater.com?grsf=w79pta

      home water leak detector

      +++++++++++++

      Great 360 Camera – This is the one that I use not only for real estate but motorcycling & gold prospecting.

      Direct from the manufacturer w/ Free shipping, special bonus accessory & even tax included.

      Click camera photo below for more details and to see actual 360 video & photos taken with this amazing marvel, direct from manufacturer . . .

      insta360 One X3
      insta360 One X3

      ++++++++

Home Improvement Values

Home Improvement Values

 

  • DISCLAIMER:

    Some of the links in this description and in our videos may be affiliate links, and pay a small commission if you use them, but never increase the basic cost. I really appreciate the support. The content in my Youtube videos SHALL NOT be construed as real estate, tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other & may be outdated or inaccurate; it is your responsibility to verify all information. I am a not financial adviser. I only express my opinions based on my experiences. Your experience may be quite different. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. You must conduct your own research. There is NO guarantee of gains or losses on any investments. My produced videos are for entertainment purposes ONLY. DO NOT make buying or selling decisions based on these videos. If you need advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer, financial advisor, or the appropriate professional for the subject you would like help with.

  • Although no longer a licensed California real estate broker Bob’s 30 plus years of experience in the real estate industry with all the contacts that he has developed,  he is able to provide referrals to the top real estate Professionals in any state within the United States.  So, although you can’t get Bob to represent you personally, Bob can select a top real estate professional with years and years of experience to ensure that you get the best possible representation.