Market Perspective: Hot or Not, Housing Market Cool-down Continues, but Competition Is Still Sizzling

    Market Perspective: Hot or Not, Housing Market Cool-down Continues, but Competition Is Still Sizzling

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    June 13 2022

    Market Perspective: Hot or Not? Housing Market Cooldown Continues, but Competition Is Still Sizzling
    Home-price growth reached new record high in March 20.9 annual gain[1], 61% of offers faced bidding wars in April[2]
    But competition is starting to ease: Share of homes receiving multiple offers fell for two months in a row[2], For-sale inventory increased for the first time since June 2019[3]
    Buying a home now costs $569 more a month* than it did last year[4],a 43% increase
    1 in 8 sellers cut their listing prices in March and April[4]
    As demand declines, home prices should start to decelerate: CoreLogic predicts home-price growth will decelerate to 5.6% by next April[1]
    Home sales continued their decline in April: Existing-home sales down 2.4% MoM, down 5.9% YoY[5], new-home sales down 16.6% MoM, down 26.9% YoY[6]
    Pending sales fell for the sixth consecutive month, down 3.9%[7], Housing starts plunged 7.3% in April[8]
    Borrowers gravitate to adjustable-rate mortgages (ARMs) as affordability tightens
    In May, ARMs represented ~10% of all loans[9], highest level since 2008, a 70% increase from January
    ARMs typically have lower rates than fixed-rate loans, providing a more affordable option up front
    How are these market changes impacting you? I’d love to discuss how I can support you as the housing market shifts.

    Ask A Mortgage Banker / September 13 2022

    Ask A Mortgage Banker: What Are 1031 Exchanges And How Do They Work?

    The 1031 Exchange is a provision in the IRS tax code. It allows investors to sell an investment property, buy another investment property and defer paying capital gains taxes on the sale. The 1031 Exchange is a provision in the IRS tax code. It allows investors to sell an investment property, buy another investment property […]

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    Featured Luxury Listing / September 12 2022

    Featured Luxury Listing: 57349 Merion, La Quinta, CA 92253

    57349 Merion, La Quinta, CA 92253 $3,000,000 8 Bedroom 9 Bathroom 6,779 Square Feet For more information, please contact: Angela Maciel Gibbons | (760) 880-8568 | [email protected] Click Here To View Full Listing   A cosmic combination of Santa Rosa Mountains, the lake & private Golf course views. Merion Estate is two homes in one […]

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