As we head into 2023 the housing market finds itself at a turning point, hindered by a dramatic spike in mortgage rates that chilled the market. A storm was brewing as sellers came to terms with the fact that volatile mortgage rates were rising and pushing some buyers to the sidelines dampening demand for their homes. Yet supply is still tight and home prices went up faster throughout the year than many American incomes. The cooling housing market also leveled the playing field for all types of brokerages as change became the new normal.
RATES HAVE FALLEN ABOUT 1.5% SINCE MID-OCTOBER. That translates to about $100 a month in savings per $100,000 borrowed.
The Housing Market is most definitely Not Frozen source: JVM Blog/ JVM Lending
INVESTORS ARE STILL BUYING: Investors seem to see something much of the homebuying world does not. Agents report that they’re dealing with investors of every type. The low inventory for Investment properties is fairly limited in Santa Barbara right now making good investment properties very desirable especially if they’re priced right.
RATES WILL CONTINUE TO FALL: Rates are expected to fall in the first half of 2023. If that happens we may also see more homes for sale. CoreLogic is predicting appreciation next year.
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What do Homeowners need to know about selling in today’s market? You’ve probably heard about the cooling of the housing market and you may be thinking of selling your home and wondering what that means for you. While it’s not at the same peak intensity we saw during the pandemic it’s still a seller’s market.
The Santa Barbara real estate market has been enjoying a historic run in home values over the last couple of years. Santa Barbara real estate has become a luxury commodity and despite rapid appreciation, demand remains intact as we head toward the end of the year.
Mortgage rates continue to hover around seven percent, as the dynamics of a once-hot housing market have faded considerably. Unsure buyers navigating an unpredictable landscape keep demand declining while other potential buyers remain sidelined from an affordability standpoint. The interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of the housing market.
Real Estate is changing dramatically as new technologies transform the way real estate transactions are completed
Real Estate News You Can Use! How’s the housing market in California right now? According to the California Association of Realtors, the monthly and annual home price growth accelerated in August. For the first time in five months California house sales also increased which was mainly due to a window of opportunity generated by a temporary decline in mortgage rates that created a little more favorable lending climate.
A new company has come up with a way to make an all-cash offer even though you need a mortgage.
Explore the architectural beauty that makes Santa Barbara special by touring unique residences, historic building renovations, and multi-family housing buildings during the AIASB’s ArchiTec Tour held from 10 am to 4 pm on Saturday, October 1, 2022.
Home prices in California increased while at the same time the number of homes sold fell by 31.1%
