My short answer is “No”. Last year saw mortgage interest rates hit historic lows, but this week we are seeing a small increase with the average for a 30-year fixed mortgage at 3.14%. Obviously, higher rates mean you pay more for a home both monthly and in the long term, and in a balanced market this might begin to slow demand. However, inventory is so low it is doubtful rising rates will have a major slowing effect.
As the year progresses interest rates are expected to continue to rise...
LOL! What the heck is “normal”? Here’s an update as of August 30 to give you an idea about how the market is trending.
To put it simply, the San Diego County market is still hot with prices increasing and supply dwindling. In August, the median price for a detached home rose to (gulp) $850,000. That is 15% higher than the median price one year ago. Not surprisingly, the inventory of homes for sale in August was 39.1% lower than 2020. The number of days on market was also lower with...
That is the question of the hour as home prices continue to rise across the country and buyers are forced to engage in bidding wars to land a contract. Based on our experiences back in 2008 and 2009, it is no surprise that many are nervous about the meteoric price increases we’ve witnessed over the last year. We simply can’t afford economically or emotionally, for the housing market to collapse igniting another Great Recession.
Luckily, 2021 is a whole different ball game. The key difference...
As we head into what is traditionally the start of the home buying season we are faced with a highly competitive market, shaped primarily by lack of inventory. Active listings throughout California fell an average of 52% in February as compared to one year ago. The market was also driven by lower interest rates. In February of this year a 30-year fixed mortgage was 2.81% compared to February 2020’s rate of 3.47%.
The lower rates mean that people can afford to pay more, which they have to if...
I don’t know about you, but I can barely wrap my head around the idea of making some plastic trinket with 3-D printing, much less turning out a whole home! But it’s happening. The country’s first 15 home Community of 3-D printed homes will be built in Rancho Mirage, CA and are scheduled for completion by next spring.
The project is a collaboration between Beverly Hills green homes developer Palari and Oakland based housing technology company Mighty Buildings. According to the LA...
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