So Cal Market Report: Buyer – Seller – Investor Tips
So Cal Market Beat
Buyer, Seller & Investor Tips
ECON 101 (Supply & Demand)
Table below shows the impact of the market trends and factors on our economy.
|MAI $/sqft Median Avg. DOM||MAI $/sqft Median Avg. DOM|
|92807||89 $484 $1,199,000 41||81 $488 $624,500 91|
|92808||83 $655 $799,900 14||87 $561 $631,900 0|
|Menifee||76 $257 $611,950 46||Inventory currently too low for a market report in Menifee, CA|
MAI: Market Action Index. MAI of 30 represents a balanced market between buyers and sellers. Over 30 indicates a seller market and below 30 is a buyer market.
Avg. DOM: Average days on the market
Buyers, Sellers & Investors: Seek the advice of an experienced local realtor for data specific to your market. Work with realtors with skills and character you can trust, find them on our Real Estate Expert Panel on our home page.
5 Week Trends
In So Cal, there was overall downward trend in inventory with average decrease of 4.94% with no exception.
New listings in the region also showed downward trend with an average decrease of 12.33% with no exception.
New listings were 21.14% of total active inventory and older listings slightly went up to 17.40% of the active listings.
Coming soon inventory continued the trend from last week and went down by 5.67%
Closed listings also changed the trend from last week and went down by an average of 14.71% in So Cal.
For data specific to your local market, we have expert real estate professionals listed on M&M Expert Panel under the real estate column. Additional real estate services maybe found in M&M Business Directory. For free real estate and mortgage consulting, write to [email protected].
I would like to share with you a few effective practices and ideas that have helped my own company get our listings sold, and hopefully these tips can help you, too—whether you need to revive a stale listing, or you need to convince a new seller why they need to list with you.
How Much Do First-Time Homebuyers Really Need To Earn To Purchase a Starter Home Across the Country?
The reason: Affordable starter homes, those essential first purchases in a typically lifelong journey of homeownership and building security and wealth, are vanishing across the U.S. like summertime cicadas. And these entry-level homes that do hit the market are now often priced out of the reach of the people who need them the most.
It’s a problem that has been gathering steam for some time. Classic starter homes began going up in earnest across the country after World War II, giving young Americans without much equity the ability to own property. Builders made these abodes smaller without as many high-end amenities to keep them more affordable for first-time buyers. But in recent years, they’ve shifted to erecting larger, more profitable homes as land, materials, and governmental costs have driven up prices. Many starters have been torn down so larger homes can go up in their stead. And investors have bid up the prices on those that remain.
To be sure, savings account rates have increased, but they are lagging the pace set by the Federal Reserve — as well as the hikes witnessed in other interest-based products, like mortgages and credit card rates, which have both surged this year.
The average brick-and-mortar savings accounts paid a scant 0.13%, according to Bankrate’s September 21 weekly survey of institutions. By comparison, mortgage lenders are now charging above 6%, a level not seen since 2008, while credit cards are charging an average of 21.59% APRs for new cards, two percentage points higher than at the start of the year, according to LendingTree.