Category Archives: Housing News

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.

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: 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?

California Real Estate: Housing Affordability in the 3rd Quarter

The latest on the California real estate market.

Take a look at the infographic below to see the percentage of households who can afford to buy a median-priced home.

Real estate affordability in California

This infographic is from CAR.org.

California Real Estate: Pending Index for August 2017

In real estate news for California, there’s many closed escrows, but pending numbers aren’t moving much.

California pending index August 2017

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

Money Monday: Homeownership rates affected by student debts

Student debts have seemed to affect homeownership rates, according to the Federal Reserve Bank of New York.

student loan debt

About 32% of those in their 20s owned a home in 2007, but that’s fallen drastically to 21% in 2016.

While the poor labor market and memories of the housing bubble certainly played a role, student debt can explain up to 35% of the decline, according to a report from the Federal Reserve Bank of New York released Thursday.

The results suggest that the rise in college costs will result in “weaker spending and wealth accumulation among young consumers in the years to come.”

It’s consistent with surveys that have asked those with student debt if it affected their decision to buy a home. Half of those under the age of 35 surveyed by the National Association of Realtors in 2016 said it had delayed their purchase. And 25% told Pew Research Center that student loans had made it harder to buy a home in 2011.

Read more of CNN’s article here: “Yes, student debt is delaying homeownership.”

Homebuyers Move Quickly for Inventory

Falling inventory forces homebuyers to move at fastest pace ever

Source: Housing Wire

housing market forecastHousing inventory fell 8.9 percent from last year in the second quarter of 2017, sending homebuyers scurrying to beat the rising competition.

Housing inventory dropped for nine consecutive quarters, and is currently down a full 20 percent from inventory levels five years ago, a new report from Trulia shows.

And now, homebuyers are snatching up homes at the fastest pace since Trulia began tracking in 2012. While 57 percent of homes were still on the market after two months in 2012, today that number shrank down to 47 percent.

Competition is so fierce, in fact, that 33 percent of Americans who bought a home in the last year made an offer without even seeing the home in person, according to a survey from Redfin, an online real estate brokerage.

This is up from 19 percent of buyers who placed an offer on a home without seeing it first last year. Among millennials, even more placed offers without seeing the home in person — a full 41 percent.

Read the full story