Category Archives: Real Estate Market

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 Sales for Sept. 2017

In September 2017, California real estate sales increased 1.7 percent from 2016.

California Sept. 2017 sales

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Money Monday: How to buy your first home

Ready to move on from renting? Here’s some tips on buying your first home.

home buying

Search for La Mesa homes for sale here!

1. Get your money in order

This might be the largest purchase you make, which makes sorting out your money a top priority!

2. Shop at more than one place for your mortgage

You don’t have to stick with the first place you go for a loan; check out other lenders.

3. Shop for your home

Part of shopping for a home means considering enlisting the help of a real estate agent; I would be honored to have the opportunity to earn the position. Give me a call to see how I can help you in your house search!

Delve into each deeper in CNN’s article here: “How to Buy Your First Home.”

Money Monday: Should you rent or buy real estate?

Trying to figure out if renting or buying is best for your family? Thinking about a few questions can help you answer this question.

real estate buying or renting

“Homeownership was once the cornerstone of the American Dream, but times are changing. More U.S. households are renting today than at any point in the last 50 years, according to a Pew Research Center analysis.”

  1. How long are you planning on living there?
  2. Consider all of the hidden costs associated with both renting and owning.
  3. Are you saving and investing? Or throwing your money away?

Read more on CNN’s article here: “Should you rent or buy a home?”

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.

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

Homeownership Up From 50-Year Low

Homeownership rate jumps from 50-year low

Source: The Wall Street Journal

The U.S. homeownership rate may have finally bottomed out, as the share of Americans who own homes is steadily climbing. The ownership rate posted an increase in the second quarter, reversing a sharp downward trend that begun in the Great Recession.

The homeownership rate was 63.7 percent in the second quarter, the U.S. Census Bureau reported. That marks nearly a full percentage point increase from a year ago. Last year, the homeownership rate had plunged to a 50-year low of 62.9 percent.

“The addition of 1.2 million households being homeowners is clearly good news, as more households are participating in housing equity gains,” says Lawrence Yun, chief economist for the National Association of REALTORS®. “But let’s keep it in perspective: There are fewer homeowners today compared to a decade ago, while renter households have risen by 8 million.

So it is still the case that the massive $7 trillion in housing wealth gains from the cyclical low point has been accumulated by a fewer number of families in America. Further advances in homeownership are required to strengthen and broaden the middle class.”

Read the full story

Sellers’ Market Challenges