Housing Market Cooling NBC 2022 A couple of recent videos with insights into today’s real estate market. Is the California real estate market showing signs of cooling? Simply the inventory is painfully low and interest rates have reached the point where buyers are either waiting for the perfect house that’s competitively priced or sitting on the sidelines waiting for things to significantly change.
GMA REAL ESTATE 2023 The average rate on the popular 30-year fixed mortgage hit 7.22% on Thursday, according to Mortgage News Daily. That’s the highest point since early November. For a homebuyer taking out a $400,000 mortgage, the monthly payment of principal and interest rose to $2,720 from $2,637 in just one week. For sellers, higher mortgage rates have created a so-called golden handcuff effect. The vast majority of homeowners today have mortgages with interest rates below 4% or even below 3%. “Recent data indicated that nearly 82% of home shoppers reported feeling locked-in by their existing low-rate mortgage, while around 1 in 7 homeowners without a selling plan cited their current low rate as their reason for remaining on the sidelines,” said Jiayi Xu, an economist at Realtor.com. Because of that, there is currently a critical shortage of homes for sale, with year-to-date new listings now 20% behind last year’s pace. Click Read More Below for the entire post and GMA video on Mortgage Rates and Decoding the Real Estate market. (7.7.2023) Image from the World Property Journal Click READ MORE below for video
Economic uncertainty and affordability issues to subdue California home sales[...]
How's the Santa Barbara real estate market? If the supply of housing is constrained and unable to keep pace with rising demand, prices tend to increase. This scarcity can create a sense of urgency among potential buyers, who may be willing to pay higher prices to secure a property before it becomes even more expensive. This increased demand due to limited supply can further drive up prices. Click Read More below for Santa Barbara real estate Market Trends, recent Sales data, and Videos.
This website is not the official website of Sun Coast Real Estate. Sun Coast Real Estate does not make any representation or warranty regarding any information, including without limitation its accuracy or completeness, contained on this website. Real Agents affiliated with Sun Coast Real Estate are independent contractors and not employees.
3112 State Street, Santa Barbara, California 93105
Mark Lomas BRE 00898298
Kirsten Wolfe BRE 01309570
© 2024 · Your Website. Theme by HB-Themes.