Recent news of interest to homebuyers, home sellers, and the home-curious includes a trend that finds many first-time buyers unable to get a foot in the door in the Bay Area’s pricey, competitive housing market. Also, another report finds that things are getting even tougher for middle-class homebuyers in the Bay Area and California.
The U.S. government closure is only 10 days old, but it has already begun to erode consumer confidence in the nation’s recovering real estate market. And the longer the shutdown lasts, the more pessimistic Americans are likely to become.
The frantic run-up in Bay Area home prices is expected to settle down in the coming months as a result of three factors seen in real estate markets nearby and nationwide: rising mortgage rates, expanding inventory, and declining investor demand.
This just in: California’s economy will pull past Italy and Russia by the end of 2013 to stand alone as the eighth-largest economy in the world.
An April housing survey by Fannie Mae found that 51 percent of Americans expect home prices to climb at least 3 percent over the next year, a big jump in confidence from a year ago, when only 32 percent were optimistic prices would rise.
Green housing projects accounted for 20 percent of all new-home construction in 2012 and could reach 38 percent in just three years. The payback: Energy-efficient features can add 9 percent to a home’s value when it’s time to sell.
Recent news of interest to homebuyers, home sellers, and the home-curious includes a report that homeownership has slipped to its lowest point since 1995. That report was tempered, however, by a survey that showed increasing interest in buying a home among people aged 18 to 34. Also, Oakland is named the most exciting city in America.
An increasing number of sellers are putting their homes on the market in Napa County this spring, and other regions in the Bay Area and Tahoe/Truckee are also seeing more homes for sale after months of exceptionally tight inventories.
Recent news of interest to homebuyers, home sellers, and the home-curious includes a forecast of 10 percent growth in home prices this year and 8 percent growth next year. Also, lenders are warming up to home equity loans again, and sales of new and existing homes posted solid gains in March.
After record-breaking results in 2012, real estate activity in the first quarter suggests 2013 will once again reach new highs. Pacific Union’s Quarterly Real Estate Report has the facts and numbers behind the good news.