Category Archives: Homesellers

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

The Size Home Owners Want

Current statistics of today’s homeowners

Current homeowners desire a different size home from those of different generations or various incomes.

Goldilocks mindset - real estate infographic CALIFORNIA ASSOCIATION OF REALTORS

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Money Monday: Cut Down on Your Retirement Costs

Unless you plan on working part-time instead of fully retiring, you may need to cut down on your cost of living in order to live within your means.

retirement

Photo credit: 401kcalculator.org

Here are a few suggestions on how you can cut some costs:

1. Downsize your living space

Not only will downsizing your home most likely help with mortgage and utility costs, but it may also cut down on the required time spent maintaining the house and yard.

If downsizing sounds ideal, please give me a call to see how I can help sell and/or buy your next home! John A Silva – (619) 890-3648

2. Sell unnecessary vehicles

If both of you are retiring, then you may be able to get away with one vehicle for the both of you, cutting significant upkeep, registration and insurance costs.

3. Enroll in Medicare on time

Sign up within the initial seven-month time-frame allotted (three months before your 65th birthday until three months after). Otherwise, you’ll be paying more for those doctor visits.

Read all of Money.CNN.com’s suggestions here: “Slash your retirement costs with these 5 tips”.

California Real Estate Sales Dip — Except for Southern California

California pending home sales dip slightly in January; Southern California market continues to outshine other regions

Source: C.A.R.

Following relatively strong closed escrow home sales over the past few months, California
pending home sales slipped negligibly from a year ago, which suggests a softening in the
housing market in the upcoming months, the CALIFORNIA ASSOCIATION OF REALTORS®
(C.A.R.) said.

housing market forecast

Making sense of the story

  • Based on signed contracts, statewide pending home sales decreased in January on a
    seasonally adjusted basis, with the Pending Home Sales Index (PHSI)* slipping 0.2
    percent from 107.4 from January 2016 to 107.2 in January 2017. On a monthly basis,
    California pending home sales were down 9.2 percent from the December index of 118.0.
  • Only the Southern California region posted a year-over-year improvement in pending
    sales last month, rising 8.1 percent from January 2016 and increasing 10.5 percent on a
    monthly basis. Riverside County led the region in pending sales, posting a 16.2 percent
    increase from a year ago. Los Angeles, Orange, and San Diego counties also posted
    modest year-over-year increases of 7.1 percent, 8.0, and 4.0 percent, respectively. San
    Bernardino County was the only area within Southern California that saw pending sales
    lower on an annual basis by 2.8 percent.
  • For the San Francisco Bay Area as a whole, tight housing supplies and low affordability
    contributed to a fall in pending sales of 9.7 percent compared to January 2016. Only San
    Mateo County posted an annual increase, rising 5.3 percent from January 2016 after
    posting a significant double-digit annual decline (35.3 percent) in December. Pending
    home sales decreased 21.2 percent in San Francisco County, 7.1 percent in Santa Clara
    County, 24.9 percent in Monterey, and 4.8 percent in Santa Cruz County. A shortage of
    homes on the market and poor affordability will likely persist throughout the year, and
    impact Bay Area home sales.
  • Pending sales in the Central Valley fell 7.9 percent from January 2016 and were up 2.2
    percent from December. Within Central Valley, pending sales were down 14.6 percent in
    Kern County and 11.8 percent in Sacramento compared with a year ago.

Read the full story from CAR.org here.

Projects with the Best Returns in 2017

Resale ROI

House projects have varying degrees of return; here are the top five projects with the greatest ROI, and the top five with the least ROI:

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.