Ventura County Home Value and Mortgage Rate Update, Up&Up? #TimeToBuy

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Real Estate Agent with Allison James Elite CA. BRE 01501699
https://activerain.com/droplet/5fSH

#5StarREALTOR®

Your home is probably the biggest asset you own. This is why you should hire a professional to guide you through all your real estate transactions. My goal is to help 24 to 28 families each year either buy or sell a home. I am NOT interested in Selling 100 or 200 homes a year because I would not be able to give each family the time, attention and energy they deserve....

"The latest rate move is related to inflation but also the deficit, said Tendayi Kapfidze, Chief Economist at LendingTree. "The tax cut and fiscal stimulus are increasing both inflation and the deficit, pushing rates higher."

But as the economy improves and shows signs of continued growth, the housing market still hasn’t seen any real signs of relief. As recently discussed at length in our sister publication MReport as well as here, mortgage rates are rising and home prices are up over 6 percent year over year. It remains a question how long such dynamic tensions can remain in the industry with demand high but availability so restricted by cost and scarcity. 

Weekly Mortgage Rate Update

 


 

The growth of existing home sales fell to its lowest level in September, declining 4.1 percent from a year ago, according to the National Association of Realtors' (NAR's) Existing-home Sales Report released on Friday.

On a month-over-month basis, sales declined 3.4 percent from August to a seasonally adjusted rate of 5.15 million homes, NAR reported.

While sales fell, the report indicated that median home prices during the month rose 4.2 percent to $258,100 compared with $247,600 in September 2017.

Attributing the decline in sales to rising interest rates, Lawrence Yun, Chief Economist at NAR said that this was the lowest existing home sales level since November 2015. “A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low. Mortgage rates are rising and home prices are up over 6 percent year over year. It remains a question how long such dynamic tensions can remain in the industry with demand high but availability so restricted by cost and scarcity.   

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Chris B. Johnson is a REALTOR® who Specializes in Short Sale and REO Transactions. Chris has been Certified as a California Association of Realtors HAFA Specialist, a National Association of Realtors Short Sale and Foreclosure Resource, Chris B Johnson Realtor is a Certified Distressed Property Expert, Certified Short Sale Negotiator, Certified Default Advocate and Certified Pre-Foreclosure Specialist. With a full time staff dedicated to short sale negotiations and transactions, we have been successful with (almost) every short sale to date.  LinkedIn Pro    UpNest    What's Your Home Worth?

 

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