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Virgina Hodges Schumm

Call: (951) 453-6122
Email: jenny@askforvirginia.com

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With the ever-changing market, see how your home compares with others in your neighborhood.

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Market Report September

View the market report for September

Condo construction shows gains

Source: National Assn. of Homebuilders
Just as townhome demand is rising so is condo demand. The first quarter was the best quarter for condo construction since the third quarter of 2008 — in about 14 years, according to the National Association of Home Builders.

As buyers search for greater affordability, they may be drawn to condos. Still, the median existing condo and co-op sales price was $340,000 in April, an increase of 13.1% compared to a year earlier, according to the National Association of REALTORS®. But for comparison, the median existing single-family home price was $397,600 in April, up 14.8% annually.

Hot market could offer hope for buyers, sellers

Source: MarketWatch
Double-digit home price increases compared to last year and rising interest rates are dampening housing affordability by raising the average monthly payment 50% more than a year ago. Those rising costs are sidelining more hopeful home buyers.

But there are signs that the housing market could be slowing, which could put less pressure on home prices and offer hope for home sellers and buyers. For the fourth straight month, sales of new homes dropped, reaching their lowest level since the pandemic. Existing-home sales also decreased in April, falling for the third consecutive month and down nearly 6% compared to a year ago, according to National Assn. of REALTORS® data. The drop in sales could offer less competition to buyers who are eager to jump in but keep getting beat out.

New home sales drop in April

Source: National Assn. of Homebuilders
New home sales, which gained favor with many would-be buyers over the past two years due to the shortage of existing homes for sale, dropped for the fourth straight month in April, offering up another sign that the housing market is starting to slow.

The volume of new single‐family home sale fell to a seasonally adjusted annual rate of 591,000 last month, according to the Census Bureau and the Department of Housing and Urban Development, down 16.6% from the March rate and 26.9% lower than the rate a year ago.

Homeowners accumulated more than $240,000 in equity over 10 years

Source: National Assn. of REALTORS®
As prices climb, homeowners who’ve owned their homes for a while have seen a boost in appreciation over the past decade. Homeowners in San Jose-Sunnyvale-Santa Clara, Calif.; San Francisco-Oakland-Hayward, Calif.; Anaheim-Santa Ana-Irvine, Calif.; and urban Honolulu, Hawaii built up the largest amount of home equity.

A homeowner who purchased a single-family existing home 10 years ago would have gained $229,400 in home equity if the home were sold at the median price in the fourth quarter of 2021, according to analysis by the National Association of REALTORS®. In the past five years, home prices have risen at an annual pace of nearly 10%, NAR reports. A homeowner who purchased a typical home five years ago would have gained $125,300 from just price appreciation alone.

Sellers rush before market slows

Source: CNBC
As signs of a slowing real estate market are growing across the country — both existing-home sales and new-home sales are falling — home sellers are growing concerned that they could miss out on the buyer frenzy. With the market shifting, home sellers are in a hurry to find a buyer before demand weakens further

The inventory of homes for sale rose 9% last week compared to a year ago, according to Realtor.com®. New listings are rising nearly twice as fast in the past four weeks as they did a year ago.

Mortgage rates east but demand declines

Source: CNBC
Even after rates declined slightly last week, mortgage demand slipped to the lowest level since December 2018, according to the Mortgage Bankers Association. Despite a slight decline, mortgage rates are significantly higher than they were at the start of this year.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 5.33% from 5.46% with points dropping to 0.51 from 0.60 for loans with a 20% down payment. Applications for a mortgage to purchase a home fell 1% last week compared with the previous week. Volume was 14% lower than the same week one year ago.

Housing market predictions for 2022: Rates, prices, and inventory

The 2021 housing market was a tough one for home shoppers.

Low rates and increased flexibility from working remotely put many first-time homebuyers on the map. But limited inventory, skyrocketing prices, and fierce bidding wars made housing harder to come by.

But things may soon level out to a more ‘normalized’ market, according to real estate experts. We could see competition start to taper off and price growth begin to moderate.

In short, 2022 should be a better market for buyers.

Smart devices that help save money

Tired of high energy bills? Your clients probably are too. Here are eight smart home devices that can help lower utility bills and save money.

Quick tips to keep the dishwasher clean

Don’t neglect the dishwasher. Regular maintenance helps this important appliance run well, and these tips can help your clients keep a clean dishwasher.

We will help you find the house that is just right for you.

Single Family Home

$413,000

2,528 Sq Ft.  4 Beds  3 Baths

24446 Barley Rd.
Moreno Valley 92557

Single Family Home

$385,000

1,448 Sq Ft.  3 Beds  2 Baths

410 W Campus View Dr.
Riverside , CA, 92507

Single Family Home

$265,000

1,304 Sq Ft.  3 Beds  2 Baths

13205 Wichita Way.
Moreno Valley, CA,  92555

Ask for exceptional service

When I joined SCG (Spectrum Capital Group), another acronym to express my heart – Serving Christ Graciously, a gentle reminder that we are to work unto the Lord, as if He is our client, boss, partner and co-worker. Whether you are buying and/or selling, expect exceptional service – response to your concerns, staying ahead of the process, anticipating the next turn, understanding the critical path – sealing the deal as you seal up your moving boxes!
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Ask for expert advice

I will do a qualified appraisal, suggest quick staging fixes, and quiz you about your financial goals to ensure confidence about the decisions you will soon be required to make as you navigate your quest for a solid future.
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Ask for excellent property analysis

Virginia has a practical eye, seeing property benefits, potential and possible “road bumps”. Let her take you on a tour of your next property preview to see if there are any “blindspots”, so you can buy with confidence.

MCA The Church

Join MCA The Church Online Below

http://mcathechurch.com/

Dont Make these time or Isolation an excuse not to worship God and Seek Him, do the reverse and run after him More than ever.

 

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askforvirginia.com is an all-in-one real estate site that gives you the local scoop about homes for sale, neighborhood insights, markets and trends to help you figure out exactly what, where, and when to buy, sell.
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