Are Home Prices Fall-ing Yet?
As we enter the fall, home supply and demand typically begin to decline to the end of the year; however, this year seems to have a slightly delayed inventory cycle. As you can see from the graphs below, inventory and prices have risen this past month when they would have normally declined in the past. Nonetheless, the second half of the year can be a great time for buyers who have been watching from the sidelines to snag a deal. Mortgage applications have dropped to an all-time low as interest rates hover around 7.25% +/-. This said, our preferred lender just quoted one of our clients 6.875%so please reach out to see if he can offer you a good deal! We are seeing both price corrections and multiple offers at the same time, depending on the price point and “cuteness” of the home. It’s an interesting market indeed!
Sometime in September, we are expecting the funds for the CalHFA Dream For All Shared Appreciation Loan to be made available. This is California’s downpayment assistance program to help first time homebuyers. Shared appreciation means they will loan you the 20% downpayment, and then when you finally sell your home, that loan is repaid along with 15-20% of the increased equity of the home. In order to qualify, you must complete two levels of homebuyer education counseling, meet CalHFA income limits, as well as have your pre-approval ready and offer accepted by the seller. The last round in April dried up in a week, and we are expecting funds to dry up in a couple days this time. If you are interested in this program, please reach out!
If you are thinking about selling, there is still time before the holidays! If 2024 is the time frame you are aiming for, this is a great time of year to make your renovations to gear up for listing in the new year! There are specific ways to increase the return on investment of your remodeling dollars, so please reach out to discuss before beginning any work.
?P.S. Check out our list of fun fall activities below!
