Currently, unemployment is too high at 10.2%, and inflation -- as defined by the Fed's favorite gauge, Core PCE -- is too low at 1.3%. On Thursday, Fed Chairman Jerome Powell announced a major policy shift to help lift inflation, promote job growth, and make it very clear to the financial markets that rates will remain lower for longer. The Fed is going to remove its 2% target for inflation and allow inflation to drift higher and remain there for some time before hiking rates.
Read MoreThis week we watched rates slightly improve as uncertainty climbed. The main culprit is the ongoing "debate" in Congress on what a fourth stimulus bill will look like. History has shown that Congress will likely get something done, things will just remain uncertain until everything is finalized.
Read MoreSales of existing homes has skyrocketed in July and rose 24.7 percent across the country from June to July and 8.7 percent since July 2019. The national median sales price of existing homes has also risen - it is up 8.5 percent from July 2019 at $304,100. This is the first time ever that the national median sales price of existing homes has surpassed $300,000.
Read More…the consensus among real estate professionals continues to be that this hot market will continue into the foreseeable future. I’m hearing that from people here locally, as well as from Realtors and loan officers in various markets around the country. I don’t have any real times facts or experiences that contradict those outlooks, but I will say this: 2020 has been very volatile due to covid-19…
Read MoreReal estate is a cornerstone of wealth building. Having your monthly house payment go towards your own equity opposed to someone else’s through rent is a key component of that wealth building. With interest rates being at all-time lows, it is allowing more and more people to take advantage and become home owners.
Read MoreIn short, Fannie Mae’s surveys continue to confirm what we’re seeing here locally in our own market. Buyer activity is robust, while seller activity is limited. Competition for available homes is tight, and home values remain steady. Properly priced homes continue to receive offers in short order. Will home prices drop due to COVID-19 influences?
Read MoreI’m able to show properties from the Nevada border to the coast and as far north as Mendocino. Additionally, I’ve made contacts with great agents throughout the region who are experts in their locales. California offers areas of immense beauty throughout the Northern California regions. If you’d like to chat further about pursuing a vacation home for yourself and your family, reach out to me at 916.705.2298 or via email at mark.delgado@cbnorcal.com.
Read MoreI get asked on a near daily basis where I think our local real estate market is headed. On one hand I read articles that covid-19 cases are increasing, more shutdowns are imminent and 40+ million Americans remain unemployed. On the other hand, I read articles like I did this morning which point out new pending sales on existing homes increased at a record setting level and interest rates continue to be at the lowest levels they’ve ever been.
Read MoreThe national average for the 30-year fixed-rate mortgage reached 3.13%, a new all-time low.
Read MoreWhile the market is significantly slower than normal, there still is only a 1.36 months worth supply of homes on the market. What that means for buyers is that it continues to be distinctly a sellers market. However, it is important to also note that while it is a sellers market, on average, homes are not selling for drastically more than asking. As a result, it is critically important that you and your offer are presented in the most professional way possible.
Read MoreLooking at the broad picture, in 2019 there were 96 homes sold through June 15th. That represented a little more than $66.6 million dollars worth of real estate. Numbers for this year show an 8.33% reduction in how many homes have sold (88 year-to-date) and those sales represent a 4% reduction in dollars volume ($66,606,163 in 2019 vs. $63,999,183 in 2020).
Read MoreAfter reading the national numbers posted by CoreLogic, I spent time reviewing our local Sacramento area numbers. The data shows us that since March when the stay-at-home orders began, sellers have slowed the supply side significantly. The unemployment rate for Sacramento County was at 14.7% in April. And yet there is so much pent-up buyer demand that sales prices have continued to climb higher.
Read MoreCoreLogic released their U.S. Home Price Insights report earlier this week. In that report they evaluated April data and made a projection for the year. When comparing month-to-month, CoreLogic saw a 1.4% increase in prices nationwide from March to April. The price increase year over year from April 2019 to April 2020 was 5.4%.
Read MoreYou’re tasked with protecting the safety and well being of those in your community. If that is too heavy a burden for you to carry, then don’t pick it up.
Read MoreUnlike the prior economic recession when housing was the catalyst, I believe housing will play an important role in helping the economy exit the recession. Mortgages continue to be historically low, and predictions are for those numbers to remain so into the foreseeable future.
Read MoreThe skylight, recessed lighting, under cabinet lighting, and matching stainless steel appliances all combined to create a futuristic aesthetic that still emphasized on function. A clear nod to the home’s mid century modern roots.
Read MoreThe number of existing homes for sale was down 19.7%, which is the lowest April reading ever. This lack of supply has resulted in the national median home price rising to a record high of $286,800.
Read More“Homeowners who are in COVID-19 forbearance but continue to make their mortgage payment will not be penalized,” said FHFA Director Mark A. Calabria. “(Tuesday’s) action allows homeowners to access record low mortgage rates and keeps the mortgage market functioning as efficiently as possible.”
Read MoreToday the stock market improved significantly thanks in large part to news that a potential vaccine by Moderna is the latest to show promise against the virus. The Dow Jones Industrial Average increased by over 900 points, or 3.9%. The S&P gained 3.2% today and the NASDAQ improved by 2.4% as well. In short, the stock market experienced its best day in over a month. Another catalyst to today’s stock rally were comments by the Federal Reserve Chairman Jerome Powell who said in a 60 Minutes interview that “there’s a lot more we can do” to help the economy.
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