The abnormal market that we have experienced has made Investors, Developers and affiliates and Sellers a lot of money. Much of this money has been made just because we have been involved in a usually fast-paced rising market. My belief is we are now returning to a normal market.Today’s rate is at 3.5% and compared to 4.75% last year same time. That means that the same house today is 11%, less expensive, cheaper, then it was at this time last year base on the mortgage monthly payment.
Let’s say you are buying a $500,000 home, your monthly payment is now $300 less, for the same house. Even if the home prices go down, you still head up paying less.
What does this mean for you? This is a great time to make a move. Give us a call, look at your options and at Sarah Averyt l Real Estate would be happy to help you do so.
If you have any other questions or would like more information, feel welcome to give us a call at 805-387-8243 or email me at Sarah@SarahAveryt.com.
- Prices are down by -1.9% compared to last month and by -3.1% from October 2018
- Sold & Pending are up
- Acting listings are down by -23.5%
- Absorption Rate is trending up at +54.3%. *As a rule of thumb, an absorption rate greater than 33% indicates a Seller’s market.
Above: The Beautiful Prado Del Grandioso, Calabasas, California, 91302
Here's another method to see exactly how costly California lodging has become: It's home to half of all million-dollar homes in major U.S. metropolitan zones.
LendingTree took a gander at the number of homes esteemed at $1 at least million in the country's 50 biggest metro territories. My trusty spreadsheet found that six California metros in the Top 50 represented 48% of the 2.3 million seven-figure homes counted. These six Golden State markets had just 13.5% of all homes in the investigation.
That means seven-figure homes are the typical norm in California and which is quite rare compared to other places in the country. In those six Golden State markets, 21% of the homes were worth $1-million or more. In the remainder of the country? only 3.5% are valued in seven figures.
On the metro-region level, California housing dominated the list that is generally very bi-coastal front.
Los Angeles and Orange regions are home to 400,562 seven-figure homes in the L.A.- O.C. metro. That represents 19% of all L.A.- O.C. homes, the third-biggest share of the Top 50 for a market with a $650,300 overall median home value.
San Francisco has the second biggest assortment of seven-figure homes with 395,858. That equals 42% of all occupants, the second-largest share of the 50 metros. It has a $910,300 median value.
No. 3 was the New York City locale with 393,512 million-dollar homes. That is 10% of all occupants, the 6th biggest offer in a market with a $457,100 middle.
The San Jose metro's 208,745 million-dollar homes positioned No. 4 but it's 56% of all Silicon Valley residences, the biggest portion of the Top 50. That is the reason the area's homes have a $1.1 million median worth.
Seattle was No. 5 with 102,598 million-dollar homes. At that point came Washington, D.C. (100,507); Boston (96,432) and San Diego (84,769). Middle America's just Top 10 metro was Chicago (61,294) at No. 9. Miami balanced the Top 10 (58,661).
Likewise from California was Riverside and San Bernardino districts with 19,074 million-dollar homes at No. 17, and Sacramento with 17,426 million-dollar homes at No. 18.
Least likely spot to locate a million-dollar home among America's greatest metro territories? Cincinnati and Buffalo, N.Y., where only 0.66% of homes are worth $1 at least million.
Above: Boris Drive, Encino, California, 91316
I’m telling my clients and my friends that during the first quarter of 2019 they shouldn’t be afraid of the decline in the real estate market. Unfortunately, I can hear the stress in a lot of homeowners and buyers that think that they missed out on selling or buying at a low-interest rate.
The purpose of this report is to relieve some of that stress and to help you to understand that we are headed into what I would call “a normal market” versus the somewhat “abnormal market” we’ve been experiencing for many years.
The abnormal market that we have experienced has made Investors, Developers and affiliates and Sellers a lot of money. Much of this money has been made just because we have been involved in a usually fast-paced rising market. My belief is we are now returning to a normal market.