Category Archives: Homebuyers

California Real Estate Market Update – March 2018

 California home sales tick higher in March as median price reaches eight-month high

urban real estate prices, most live in suburbs

– Existing, single-family home sales totaled 423,990 in March on a seasonally adjusted annualized rate, up 0.3 percent from February and 1.6 percent from March 2017.

– March’s statewide median home price was $564,830, up 8.1 percent from February and 8.9 percent from March 2017.

– Alameda, Marin, San Mateo, Santa Clara, San Diego, and Orange counties all hit a new peak price at $955,000, $1,392,500, $1,615,000, $1,454,500, $625,400, and $824,450, respectively…

Graphics (click links to open):

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales.  Movements in sales prices should not be interpreted as changes in the cost of a standard home.  The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold.  The change in median prices should not be construed as actual price changes in specific homes.

Read all of C.A.R.’s report here: “March home sales and price report”.

California Real Estate Market Update

Last year in Q3, there were slightly lower home prices. That and the steady mortgage rates helped a few more Californians to purchase a home.

  • The median price of a Californian home in Q3 2017 was $550,990.
  • The median price for a condo or townhome in California was $449,720.
  • The minimum annual income needed to qualify for the purchase of a median-priced single-family home was $111,260.
  • The minimum annual income needed to afford the monthly mortgage payments on a median-priced condo or townhome was $90,810.

This infographic is from CAR.org.

When Housing Inventory is Low, Finding a Home Will Take Some Time

Looking around? You’ll find your perfect home, it may just take awhile.

While it’s a sellers’ market out there, if you’re patient you should be able to find the home you want to live in — not just one you’re settling for.

This infographic is from CAR.org.

Money Monday: How to avoid wire fraud

You have to be extra vigilant with your money nowadays. When buying real estate, don’t fall victim to wire fraud with these three steps:

  1. Pay attention to how wire instructions are sent (in other word — only accept instructions that are secure and encrypted).
  2. Before wiring funds, call to verify the wire instructions with the title company.
  3. Be careful of any changes — real instructions rarely change.

Wirefraud Money Monday - John Silva blog

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS at CAR.org.

Who’s Buying Houses?

Last year, in 2017, here’s who buying real estate:

By far, the largest percentage of home buyers were married couples. Check out the other buyers below.

CAR infographic

This infographic is from CALIFORNIA ASSOCIATION OF REALTORS.

Money Monday: Should you upgrade from a smaller to a larger home?

Buying a house instead of renting is, depending where in the country you live, often more cost-effective. But upgrading from a smaller home to a larger home and mortgage? Probably not.

small house to mansion

“There are solid reasons to upgrade your home. For many, it was always the plan. You buy a starter home, and upgrade to a larger one once your family expands. Or your income expands, and you finally move into your dream home. Regardless of your reason, the typical first step is determining what you can afford. A standard rule for lenders is that your monthly housing payment (principal, interest, taxes and insurance) should not take up more than 28% of your income before taxes. A quick and dirty way to check how much you can afford is through calculators like myFico calculator.

“Lenders asses your monthly income, debt, credit score and a variety of other factors to determine how much you can “afford”. However, they don’t look at how your expenses will grow after upgrading to a bigger and better house. (“Forbes.com, “Upgrading to a bigger home? Beware of 6 expenses that will increase.”)

Read Forbes’ article on the 6 things that will increase with a larger place here.

The Perfect Home – Infographic

The idea of the perfect home varies for each individual, but overall there are some strong desires within each generation.

  • Single-family homes in the suburban are a top priority to 55% of gen X-ers and baby boomers.
  • The home doesn’t matter as much as the location for millennials and the silent generation — they both desire walkable communities close to work.
  • 60% of families prefer larger homes and yards.
  • Homes with small yards and a walkable distance from amenities are high on the list for 55% of Americans

Positively Perfect home for the generations

Check out the CALIFORNIA ASSOCIATION OF REALTORS’ infographics here.

Money Monday: The predicted 2018 housing market

Home buyers aren’t going to catch much of a break this year. According to CNN, that is. Here’s a brief blurb from their recent article ‘Is 2018 the year to buy a house?‘”

real estate market update for July 2017Sellers will remain in the driver’s seat as buyers continue to face affordability issues thanks to low housing supply.

“The challenges for buyers in the market haven’t changed that much from last year” said Keith Gumbinger, vice president of mortgage website HSH.com.

What’s more, home loans are expected to get more expensive as the year progresses.

Here’s what home buyers and sellers can expect from the housing market this year”:

Homes will remain in tight supply

Home prices will slow

Loans will get more expensive

Read CNN’s article in its entirety here: “Is 2018 the year to buy a house?