The Nyack spring real estate market is humming along quite nicely. Spring is traditionally the busiest home buying season, but you can never tell in the Nyacks when things will heat up! See my top ten reasons below for our very healthy Nyack real estate market.
Top 10 Reasons Its A Good Time for Nyack Real Estate Market
- Home price gains are slowing year-over-year to healthier levels, and at equilibrium with personal wage gains. In years past, housing prices were gaining 10% to 15% or more, and wages were growing at 2%. Now we are seeing house prices increase 4% to 5% year-over-year, just slightly more than wages.
- Housing inventory is increasing. This is a big change from years past and should it continue, buyers will continue to come to the market and take advantage of the "Goldilocks" conditions.
- The Labor market remains solid. People buy homes because they feel good about their job and their future. Unemployment is at a 50-year low. This is very positive for housing.
- Europe can't get out of their own way. Their economies are weak and that is keeping their bonds yields ultra-low. This is putting downward pressure on US Bond yields. Yes – you can thank Europeans for your low home loan rates.
- The Stock market is right at all-time highs. This means higher 401K and IRA values create a positive wealth effect that should provide a nice tailwind for housing. People with money spend it.
- Consumer Confidence and Sentiment are increasing again thanks to the Fed no longer hiking rates, the strong job market, and Stocks up nicely in 2019. "Confident" consumers purchase homes.
- No fear of a US recession as Friday's March Jobs Report showed 196,000 new jobs created, a great rebound higher from February's 33,000 – which had stoked some recession chatter.
- Home loan rates continue to hover near 14-month lows, thanks to the many bullets above.
- Inflation remains subdued – for now. Low inflation means lower rates.
- Home loan rates continue to hover near 14-month lows.