Blog Posts
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California launched two programs last month to help those interested in becoming homeowners, and one allows first-time homebuyers to borrow a down payment at 0% interest. more...
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Mortgage rates have finally hit 5% and if mortgage rates continue on their current trajectory, some experts predict 30-year fixed rates could hit 6% within the next few months. But others say the timeline is a little longer. Whenever rates hit this benchmark, one thing is clear: Though a 6% mortgage rate is still considered historically low, it would signify the highest level for rates in about the last decade. more...
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Mortgage rates took another jump higher last week, taking their toll on current borrowers who might have wanted to refinance. Demand from homebuyers, however, appears to be hanging in for now. more...
03/22/2022
Appeals Court Upholds San Francisco Law, Protecting Tenants from ‘eviction by another name.’
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A state appeals court upheld a San Francisco tenant-protection law that bars property owners from bypassing city limits on evictions to force tenants to leave with hefty rent increases. more...
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Record increases in home prices are pushing up the number of equity people have in their abodes. For many Americans, they can borrow more against what is often their most substantial asset. However, financial experts caution you should think carefully before making such a move. more...
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Assembly Bill 854 would’ve curbed an owner’s ability to evict tenants using the Ellis Act in rent-controlled jurisdictions. Tenant advocates, racial equity groups, YIMBYs, and even some of their usual opponents wanted to see the bill pass. The cities of San Francisco and Los Angeles — which rarely see eye to eye on housing issues — as well as every Democrat on the Assembly Housing and Community Development Committee, signed on. more...
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According to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics, the prices of goods used in residential construction ex-energy climbed 3.6% in January (not seasonally adjusted). The index was higher by a 25.4% jump in softwood lumber prices and 9.0% price increases for indoor and outdoor paint.
Building materials prices increased 20.3% year over year and have risen 28.7% since January 2020. Over the past four months, the index has climbed 8.4%. more...
On January 6th, 2022, ATTOM released its 2022 Rental Affordability Report, which proves that owning a median-priced home is more affordable than average rents on a three-bedroom property in 666, or 58%, of the 1,154 U.S. counties analyzed in this report. That means major homeownership expenses consume a smaller portion of average local wages than renting.
That can be pretty hard to believe, considering how much the median price of homes skyrocketed since the start of the pandemic, but the data does not lie. Home prices have increased more than average rents and more than average wages in 88% of the counties analyzed. more...
Following a few months of moderating prices last spring and summer, lumber prices are soaring once again; Disrupting the housing market and harming housing affordability.
Over the past four months, lumber prices have nearly tripled — causing the cost of an average new single-family home to increase by more than $18,600, according to NAHB standard estimates of lumber used to build the average home. This lumber price hike has also added nearly $7,300 to the market value of the average new multi-family home, which translates into households paying $67 a month more to rent a new apartment. more...
The house-hunting process is full of anticipation and excitement, and once you think you’ve found “The One,” it’s tempting to rush to make an offer and seal the deal before someone else scoops it up. But wait! There are some things you want to consider before making an offer on a home that could save you a whole lot of time, money, and potential headaches down the road.
Just like the Realtor, you need to do your due diligence and research; so you understand the entire situation at hand. Many factors may affect the initial offer along with the outcome of the entire negotiation. Failure to do your research is like playing a game of poker blindfolded. Here are some things to consider before making an offer to ensure that you get the best deal possible and that you’re not getting in over your head. more...