Real Estate Market Trends

Lower Mortgage Rates Are Bringing Buyers Back to the MarketAs mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling. Now, however, rates are beginning to come down—and buyers are starting to reenter the market. In fact, the latest data from the Mortgage Bankers Association (MBA) shows mortgage applications increased last week by 7% compared to the week before. So, if you’ve been planning to sell your house but you’re unsure if there will be anyone to buy it, this shift in the market could be your chance. Here’s what experts are saying about buyers returning to the market as we approach spring.  Mike Fratantoni, SVP and Chie... 05/17/2023

Where Will You Go If You Sell? You Have Options.There are plenty of good reasons you might be ready to move. No matter what your motivations, before you list your current house, you need to consider where you’ll go next. In today’s market, it makes sense to explore all your options. That includes both homes that have been lived in before as well as newly built ones. To help you decide which is right for you, let’s compare the benefits of each. Regardless of which option you choose to explore, working with a trusted real estate professional throughout the process is essential. The Benefits of Newly Built Homes First, let’s look at the benefits of purchasing a newly constructed home. With a brand-new house, you’ll be able to: 1. Build your dream home If you build a home from the ground up... 05/17/2023

Homeownership Builds Your Wealth over Time  Some Highlights  If you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership. On average, nationwide, home prices appreciated by 288.7% over the last 32 years. That means homeowners grow their net worth significantly in the long term. Homeownership wins over time. Let’s connect so you can start your homebuying journey today. 05/17/2023

Why It Makes Sense To Move Before SpringSpring is usually the busiest season in the housing market. Many buyers wait until then to make their move, believing it’s the best time to find a home. However, that isn’t always the case when you factor in the competition you could face with other buyers at that time of year. If you’re ready to buy a home, here’s why it makes sense to move before the spring market picks up. Spring Should Bring a Wave of Buyers to the Market In most years, the housing market goes through predictable seasonal trends in activity. Winter is typically a quiet point in the year, while spring sees a surge of buyers begin their search. And experts project that this year will be no exception. Right now, buyer demand is low due to a combination of normal seasonal trends a... 05/17/2023

Why You Shouldn’t Fear Today’s Foreclosure HeadlinesIf you’ve seen recent headlines about foreclosures surging in the housing market, you’re certainly not alone. There’s no doubt, the stories in the media can be pretty confusing right now. They may even make you think twice about buying a home for fear that prices could crash. The reality is, the data shows a foreclosure crisis is not where the market is headed, and understanding what that really means is mission critical if you want to know the truth about what’s happening today. Here’s a deeper look.According to the Year-End 2022 U.S. Foreclosure Market Report from ATTOM, foreclosure filings are up 115% from 2021, but down 34% from 2019. As media headlines grab onto this 115% increase, it’s more important than ever to put that percent... 05/23/2023

The 3 Factors That Affect Home AffordabilityIf you’ve been following the housing market over the last couple of years, you’ve likely heard about growing affordability challenges. But according to experts, the key factors that determine housing affordability are projected to improve this year. Selma Hepp, Executive, Deputy Chief Economist at CoreLogic, shares: “. . . with slowly improving affordability and a more optimistic economic outlook than previously believed, the housing market could show resilience in 2023.” The three measures used to establish home affordability are home prices, mortgage rates, and wages. Here’s a closer look at each one. 1. Mortgage Rates Mortgage rates shot up to over 7% last year, causing many buyers to put their plans on hold. But things are looking differen... 05/23/2023

Want To Sell Your House? Price It Right.Last year, the housing market slowed down in response to higher mortgage rates, and that had an impact on home prices. If you’re thinking of selling your house soon, that means you’ll want to adjust your expectations accordingly. As realtor.com explains: “. . . some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly to get the best deal possible.” In a more moderate market, how you price your house will make a big difference to not only your bottom line, but to how quickly your house could sell. And the reality is, homes priced right are still selling in today’s market. Why Pricing Your House Appropriately Matters Especially today, your asking price sends a message to potential buyers.  If it’s priced t... 05/22/2023

What’s Really Happening with Home Prices? Some Highlights  If you’re thinking about selling your house, recent headlines about home prices falling month-over-month may have you second guessing your decision—but perspective matters. While home prices are down slightly month-over-month in some markets, home values are still up almost 10% nationally on a year-over-year basis. A nearly 10% gain is still dramatic compared to the more normal level of appreciation, which is 3-4%. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.   05/22/2023

Pre-Approval in 2023 What You Need To KnowOne of the first steps in your homebuying journey is getting pre-approved. To understand why it’s such an important step, you need to understand what pre-approval is and what it does for you. Business Insider explains:  “In a preapproval [sic], the lender tells you which types of loans you may be eligible to take out, how much you may be approved to borrow, and what your rate could be.” Basically, pre-approval gives you critical information about the homebuying process that’ll help you understand your options and what you may be able to borrow. How does it work? As part of the pre-approval process, a lender will look at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to h... 05/17/2023

Have Home Values Hit Bottom?Whether you’re already a homeowner or you’re looking to become one, the recent headlines about home prices may leave you with more questions than answers. News stories are talking about home prices falling, and that’s raising concerns about a repeat of what happened to prices in the crash in 2008.   One of the questions that’s on many minds, based on those headlines, is: how much will home prices decline? But what you may not realize is expert forecasters aren’t calling for a free fall in prices. In fact, if you look at the latest data, there’s a case to be made that the biggest portion of month-over-month price depreciation nationally may already be behind us – and even those numbers weren’t significant declines on the national level. Instead of how far will... 05/22/2023

Think Twice Before Waiting for 3% Mortgage RatesLast year, the Federal Reserve took action to try to bring down inflation. In response to those efforts, mortgage rates jumped up rapidly from the record lows we saw in 2021, peaking at just over 7% last October. Hopeful buyers experienced a hit to their purchasing power as a result, and some decided to press pause on their plans. Today, the rate of inflation is starting to drop. And as a result, mortgage rates have dipped below last year’s peak. Sam Khater, Chief Economist at Freddie Mac, shares: “While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.” That’s potentially great news if you’re a buyer aiming to jump back into the housing ... 05/22/2023

What Past Recessions Tell Us About the Housing MarketIt doesn’t matter if you’re someone who closely follows the economy or not, chances are you’ve heard whispers of an upcoming recession. Economic conditions are determined by a broad range of factors, so rather than explaining them each in depth, let’s lean on the experts and what history tells us to see what could lie ahead. As Greg McBride, Chief Financial Analyst at Bankrate, says: “Two-in-three economists are forecasting a recession in 2023 . . .” As talk about a potential recession grows, you may be wondering what a recession could mean for the housing market. Here’s a look at the historical data to show what happened in real estate during previous recessions to help prove why you shouldn’t be afraid of what a recession could mean... 05/22/2023

Key Terms To Know When Buying a Home Some Highlights  Buying a home is a major transaction that can seem even more complex when you don’t understand the terms used throughout the process. If you’re looking to become a homeowner this year, it’s important to know these housing terms and how they relate to the current market so you feel confident throughout the homebuying process. Let’s connect so you have expert answers for any questions as they come up.   05/22/2023

Is It Time To Sell Your Second Home?During the pandemic, second homes became popular because of the rise in work-from-home flexibility. That’s because owning a second home, especially in the luxury market, allowed those homeowners to spend more time in their favorite places or with different home features. Keep in mind, a luxury home isn’t only defined by price. In a recent article, Investopedia shares additional factors that push a home into this category: location, such as a home on the water or in a desirable city, and features, the things that make the home itself feel luxurious. A recent report from the Institute for Luxury Home Marketing (ILHM) explains just how much remote work impacted the demand for second and luxury homes: “The unprecedented ten-fold increase towards remote wo... 05/17/2023

Homeownership Wins Over Time  Some Highlights  If you’re questioning whether or not to buy a home this year due to today’s cooling market, consider the long-term financial benefits of homeownership. As a homeowner, equity increases your wealth. On average, nationwide, home prices appreciated by 290.2% since 1991. Homeownership wins in the long run. If you’re ready to buy a home, let’s connect today.  Some Highlights If you’re questioning whether or not to buy a home this year due to today’s cooling market, consider the long-term financial benefits of homeownership. As a homeowner, equity increases your wealth. On average, nationwide, home prices appreciated by 290.2% since 1991. Homeownership wins in the long run. If you’re ready to buy a home, let’s connect today. 05/17/2023

On May 4, 2023, Realtor.com reported that in Baldwin Park, California median list price was $649,000,000 in April of 2023 down from $650,000 in March of 2023, and lower 5.0% from $679,000 in April of 2022. While, median sales price for a home and a condo was $675,000 in April of 2023, declined 2.0% from April of 2022 in Baldwin Park, California.Houses stayed 53.00 days in the market in April of 2023 decreased from 59.00 days in March of 2023, but increased from 46.00 days in April of 2022 in Baldwin Park, California.The median listing price per square foot of a home and a condo was $482.00 in April of 2023 dropped from $495.00 in March of 2023, but up 1.0% from $479.00 in April of 2022 in Baldwin Park, California.For complete more detailed information about Realtor.com’s latest homes an... 05/17/2023

What's the Value of My La Jolla Home? La Jolla Home Sales for April 2023 La Jolla is one of the more expensive housing markets in San Diego County. If you happen to tour La Jolla online (see link below), or visit in person, you’ll see why this is so. As a buyer or seller in La Jolla, having up-to-date local market information about La Jolla homes for sale will benefit you in making informed decisions about buying and/or selling your La Jolla home. La Jolla is a beautiful beach community with many homes offering impressive views of the ocean from the hills or shoreline, along with a trendy, up-scale village offering the best in shopping, dining, and services. La Jolla has been compared to the French and Italian Rivieras with wonderful ocean and coastline vistas, spectacular homes, beauti... 05/17/2023

Welcome to our latest video on the Jacksonville real estate market update for 2023! If you're interested in buying or selling a property in Jacksonville or simply want to stay informed about the local housing market, you've come to the right place.In this video, we'll dive deep into the current state of the Jacksonville real estate market and provide you with valuable insights, trends, and opportunities that can help you make informed decisions. Our team of real estate experts has conducted extensive research and analysis to bring you the most up-to-date information.Throughout the video, we'll discuss key indicators such as housing inventory, median home prices, market competition, and the overall economic climate affecting the Jacksonville housing market. Whether you're a first-time ho... 05/17/2023

This is an excellent post with great information. Thanks for sharing it.Have a super fantastic week!Joe Jackson, Realtor-KWCP 💥Mortgage Rates are the Key to Affordability  ☀️For ALL of Your East Valley AZ Real Estate Needs 📞Call or 🙋‍♂Text Brian at 480-773-2370 📨Email Brian  ~  Search the MLS for FREE   ️Based on the consensus range for both mortgage rates and home prices, this rate-price exchange rate indicates that changes in mortgage rates will have the biggest effects on housing affordability in 2023. Read full details here!  Click HERE.   I specialize in the East Valley of the Phoenix Metro area - Gilbert, Mesa, Chandler, Tempe, Scottsdale, Apache Junction, and Gold Canyon ☀️For ALL of Your East Valley AZ Real Estate Needs 📞Call or 🙋‍♂Text Brian at 480-773-2370 📨Email Brian  ~  Sea... 05/17/2023

On May 4, 2023, Realtor.com reported that in Rosemead, California median list price was $922,500,000 in April of 2023 higher from $885,000 in March of 2023, and rose 11.0% from $818,000 in April of 2022. While, median sales price for a home and a condo was $800,000 in April of 2023, dropped 10.0% from April of 2022 in Rosemead, California.Houses stayed 56.00 days in the market in April of 2023 decreased from 71.00 days in March of 2023, but increased from 41.00 days in April of 2022 in Rosemead, California.The median listing price per square foot of a home and a condo was $538.00 in April of 2023 declined from $572.00 in March of 2023, and down 1.0% from $543.00 in April of 2022 in Rosemead, California.For complete more detailed information about Realtor.com’s latest homes and a condos ... 05/16/2023