In today’s real estate market, buyers know that being pre-approved for financing can make all the difference when making an offer. Another factor for buyers to take into consideration when buying a home is homeowner’s insurance now that only a handful of Insurance Companies are offering coverage in California. After having their offer accepted the norm for buyers had been to order inspections, review Title Company documentation, and Public Records, and then look into homeowner’s insurance. Today it’s inherent upon the buyer’s representation and the buyer to look into homeowner’s Insurance as soon as possible. Why the concern? Not only are there fewer insurance companies offering home insurance in California but home insurance has become more expensive.
Why is this happening? Experts say that the expensive wildfires of recent years are not the only reason to get and keep homeowner’s insurance has become more difficult. Other concerns are increasingly intense storms due to climate change. Technology advances, from aerial drone photos of properties to risk estimating algorithms and high insurance rates,
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Is this the year frustrated buyers will finally have the opportunity to buy or will rising home prices leave them all behind? Realtors, investors, home buyers, and renters across California continue to wait in limbo for the 2024 California housing market to unfold. Is this spring the “inflection point” the media has touted for the real estate market?
Mortgage Rates have fallen below October’s levels and will likely fall further as the year progresses. Even though that’s good news without knowing how the FED will react it’s difficult for Sellers and Buyers to know what to do.
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California home prices are holding steady as high interest rates test the housing market according to the California Association of Realtors.
Persistently high mortgage rates continue to test California’s housing market as home sales fell for the fourth consecutive month in September, while the median price rose from the year-ago level for the third straight month to record its largest year over year gain in more than a year.
The President of the California Association of Realtors Jennifer Branchini says, “With the market being less competitive, there are greater opportunities for consumers who need to purchase a home for personal reasons or those who can qualify to purchase at today’s interest rates. More sellers are making concessions as homes are taking longer to sell, fewer homes are selling above asking price, and there are more homes to choose from.
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The California real estate market has shown signs of recovery in May, with home sales reaching the highest level in eight months and the median home price surpassing $800,000 for the second consecutive month. The market is demonstrating resilience and stability.
The Santa Barbara real estate market remains strong while interest rates hovers around 7%. On July 16, 2023, the current average interest rate for a 30-year mortgage was 7.14%. Source: Bankrate
All Cash purchases have picked up since last year here in Santa Barbara. All Cash sales for June of 2022 were 28%. This year for June was 40%, which may reflect the dramatic hike in interest rates this year.
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To buy or not to buy has never been a simple decision. And this ever-changing housing market isn’t making it any easier. With surging mortgage rates, record-breaking rents and home prices, a potential economic downturn and other lifestyle considerations – there’s so much to factor in.
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The collapse of Silicon Valley Bank (SVB) may have significant implications for the technology industry, which in turn could have a significant impact on the real estate market. Silicon Valley Bank had been a key financial institution in the technology industry providing funding and support to many startups and tech companies.
One impact will probably be a decrease in demand for commercial real estate and housing in the Silicon Valley region. It could also lead to a slowdown in the tech industry resulting in job losses and fewer people looking for homes and office space It’s conceivable that it might put downward pressure on real estate prices.
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Practicing the fine art of real estate. It’s who we are and what we do. Mark Lomas & Kirsten Wolfe 805.845.2888 HomesOfSantaBarbara@gmail.com
A salute to the spirit of California, and eight things we love about California. California is a magical place where great wines, mouth watering tacos, giant ridable surf, and startups seemingly are everywhere! You can climb up a desert dune, ski down a mountain, and swim in the Pacific Ocean all in the same day!
California home sales fell from both the previous month and year in March as the coronavirus pandemic began taking a toll on the housing market, especially in the last two weeks of the month as the state’s stay-at-home order was put in place.
Home Prices decline during Virus Outbreak
