Piedmont, CA (PRWEB) September 17, 2014 -- Realtor®Mag recently reported on a study conducted by the Federal Reserve concluding that the income gap in the US is increasing.(1) On average, and accounting for inflation, income for the American family increased 4% since the last study – three years ago. However, in this case, the average is deceiving because almost all financial growth between 2010 and 2013 occurred within the top 3% of the country’s earners.
While the Fed Chair Janet Yellen referred to this income inequality as “disturbing,” income is only one factor of wealth. And overall, wealth has stabilized for Americans. “As the real estate market continues to strengthen, so will wealth,” commented Anian Tunney, a Piedmont, CA real estate agent broker. “Home ownership is a significant source of wealth in this country. As property values continue to rise, so will wealth.”
This is good news for current home owners; however, what about for those who do not own homes? “Unfortunately, this is where the income gap comes into play. Buyers need sufficient income to qualify for a home loan,” Tunney pointed out. In Tunney’s up-scale region of the already high priced San Francisco Bay Area very few Americans purchase property with cash. When Piedmont homes for sale include 6 King Avenue – offered at $4,200,000 – financing is a requirement. In fact, most Bay Area renters would consider even the more modest houses for sale in Piedmont, such as 155 Saint James Drive offered at $1,449,000, a stretch on their income and credit rating.
“For this recovery to really take hold,” remarked Tunney, “the job market needs to kick things up. We need more jobs that pay better wages. Real estate needs people who qualify for financing so that they can enter, or return to, the ranks of home ownership.”
About Anian Tunney, Broker Associate
Anian Tunney is an agent broker with The Grubb Company. According to statistics collected by East Bay Regional Data, Inc., she was the 2013 number one real estate agent in Piedmont, CA for the number of units sold and sales volume. Additionally, Tunney is always in the top two in yearly real estate sales for The Grubb Company’s Piedmont, office. She is known for her knowledge, experience, and network in the Piedmont community; qualities which are invaluable for finding that special home or buyers for her clients.
A fifth generation Piedmont resident, Tunney has been with the Grubb Company for over 30 years. She raised her family of four in Piedmont and is active in community projects such as the Piedmont Beautification Foundation, the East Bay Museum Auxiliary, and the Piedmont school district. Her grandmother, Amy Sutton, was a real estate agent, and now Anian works with her daughter Adrienne Krumins, making Piedmont Realty truly a family vocation. Tunney negotiates with grace and clarity of purpose. She can be contacted at 510-339-0400 ext 217, and at tunney(at)grubbco(dot)com. Her website is aniantunney.com.
Suzanne Bourgault, QResonate.net, http://qResonate.net, +1 (925) 822-7152, [email protected]