Category Archives: Homesellers

Money Monday: What’s in a Home Value?

When you are selling or buying, the value of houses can be affected by so many things.

Of course, location and neighborhood comps affect the going price of the home, but other things you may not have thought about can affect it as well. These include: privacy, frontage length, the backyard sloping down, and more.

CAR.org home value

This infographic is from CAR.org.

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”.

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?

July 2017 Real Estate Market Report

Existing-Home Sales Slide 1.3 Percent in July

real estate market update for July 2017Listings in July typically went under contract in under 30 days for the fourth consecutive month because of high buyer demand, but existing-home sales ultimately pulled back as large declines in the Northeast and Midwest outweighed sales increases in the South and West, according to the National Association of Realtors®.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, slipped 1.3 percent to a seasonally adjusted annual rate of 5.44 million in July from a downwardly revised 5.51 million in June. July’s sales pace is still 2.1 percent above a year ago, but is the lowest of 2017.

Lawrence Yun, NAR chief economist, says the second half of the year got off on a somewhat sour note as existing sales in July inched backward. “Buyer interest in most of the country has held up strongly this summer and homes are selling fast, but the negative effect of not enough inventory to choose from and its pressure on overall affordability put the brakes on what should’ve been a higher sales pace,” he said. “Contract activity has mostly trended downward since February and ultimately put a large dent on closings last month.”

“Home prices are still rising above incomes and way too fast in many markets,” said Yun. “Realtors® continue to say prospective buyers are frustrated by how quickly prices are rising for the minimal selection of homes that fit buyers’ budget and wish list.”

According to Freddie Mac, the average commitment rate (link is external) for a 30-year, conventional, fixed-rate mortgage rose to 3.97 percent in July from 3.90 percent in June. The average commitment rate for all of 2016 was 3.65 percent.

To read the rest of this article, visit here

Sellers’ Market Challenges

May 2017 – Market at a Glance

May 2017 real estate statistics

Thanks to the CALIFORNIA ASSOCIATION OF REALTORS, you can view a succinct pdf on the market statistics for last month.

In short, it only takes a listing an average of 22.4 days on the market before it’s in escrow, at the median price of $550,200. View more information below:

Click to view the pdf from CAR.org

All About the Current California Real Estate Market

Interested in what the real estate market in California is doing?

The CALIFORNIA ASSOCIATION OF REALTORS recently released a few pieces of information on the California housing market. Take a look at their infographics and details here:

Housing affordability went up to 32% in the 1st Quarter of 2017. This means that 32% of California households can afford to buy a median-priced home.


The average price for homes that are selling in California is $478,000. And in April of this year, 401,000 houses sold.


 


Want to chat more about the California real estate, specific buying or selling needs, or other real estate questions? Give me a call! 

John A Silva | (619) 890-3648