How does homeownership build wealth? It promotes wealth building by acting as a forced savings mechanism and through home value appreciation. Wealth building depends on the homeowners’ ability to build home equity. Here in the San Francisco Bay Area (and in California) this is a fact. The image here, from the National Associaton of Realtors (NAR) shows the Top 10 areas for the largest wealth gains by income levels in the past 10 years. Just another good reason to be a homeowner ..read more

According to a GoBankingRates survey, one-third of Americans have $500 or less saved, meaning if they were to retire, they would have to rely on Social Security benefits to do so. GoBankingRates analyzed the 100 largest cities with a large population of 65 and older and ranked them by home values, property tax rate, cost of groceries, utilities and health aide costs. After getting all the data, the best city to retire is: Foley Alabama. The picture here is for a brand new 3 bedroom, 2 bath, 1,693 square foot home for $299,990. The annual cost of home health aide is low at $46,218 and yearly g ..read more

According to a news article today from Creditnews, an analysis from them on the 10 worst metro areas for first time homebuyers has San Jose ranked at the bottom of the list   because of mortgage affordability with starter homes prices starting at $965,068. I took a look at what is available for sale, at this moment, and I found 22 single family homes under $966,000 from a 1 bedroom 1 bath home at $549,995 to a 4 bedroom, 2 bath home for $949,999. In fact, 17 single family homes were under $900,000 and 6 were under $800,000. Not bad for starter home prices! Don’t let the news fool you ..read more

Houses that need work are usually cheaper than the typical move-in ready home. There are some of these types of properties here in the SF Bay Area. However, in some cities, strong demand for fixer-uppers drive prices beyond the market medium price. For example, in the map here, a Honolulu fixer-upper, sells for 69.51% more than the medium price for homes, the most in any city. But for people looking for a fixer-upper at a good price, the best deals are in St. Louis where fixer-uppers sell for 64.7% less than the medium home price (this map comes from FrontDoor). Also, according to a REMAX surv ..read more

The Dream For All Shared Appreciation Loan is a down payment assistance program for first-time homebuyers to be used in conjunction with the Dream For All Conventional first mortgage for down payment and/or closing costs. Last year, the program started with $300 million and ran out of funds in 11 days. This year, the program will operate on a lottery system instead of first come, first served. The program focuses on first-generation homebuyers and will give up to 20% of the purchase price on a home, or $150,000 whichever is lower. Upon sale or transfer of the home, the homebuyer repays the ori ..read more

The Infograph shows what happened in 2023… Single family home median sales prices fell 5.5% compared to 2022 and Condos/townhouses 2.3%. There were 17.4% less single family homes listed and a whopping 30.4% less listed Condos/townhouses January 2024 looks a lot better and I will be updating as soon as we have the month of January in… Call me for a quick evaluation on your home and your options on keeping a low interest rate ..read more

Why? High home prices due to lower-than-normal housing supply, higher mortgage rates, high inflation and homebuyers made uneasy due to what all these issues have in store for the near future. How It’s Unaffordable: Using information/data for a typical homebuyer using median home sale prices, and medium US income of $78,642 in 2023, the homebuyer would have to spend 41.4% of their earnings on monthly housing costs. This is on a median priced home in the United States of $408,806. This assumes using a 30-year fixed loan mortgage at 6.73% (here in the SF Bay Area, median prices are higher, but in ..read more

Of the 719 Active, for sale condos, townhomes and single-family homes, 257 have had a list price reduction in San Mateo County. In Santa Clara County, of the 1,170 for sale condos, townhouses and single-family homes, 289 have had a reduction. This could mean the list or asking price is coming down due a more “re-alignment” of what the real estate market shows the homes should be listed for, or due to high interest rates it is becoming difficult to sell the house. This reduction most likely happens after many days on the market, for example in the San Mateo County properties, the days on the ma ..read more

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