Market Updates

Affordability challenges persist in high-cost states like California. California ranks 1 in the US for high rental costs.

California is increasing down payment assistance for first-time homebuyers by $250 million. Changes to the program include a lottery system instead of first-come, first-serve, and a focus on reaching a more diverse group of borrowers. The program aims to help those with steady income and decent credit scores, and has income eligibility thresholds. The state is also planning an outreach campaign to inform potential homebuyers about the program. Continue to… Read More »Down payment assistance for homebuyers relaunches with new lottery

Residents in high-priced rental units across Los Angeles County are facing challenges with trash, noise, and neighbors. The region has a shortage of affordable rental housing, with a deficit of 500,000 affordable homes. Renters are struggling with affordability and quality of living, leading to concerns about housing sustainability. Small landlords and large real estate firms are both facing unique challenges in the current market. Both renters and landlords are calling… Read More »Rental Issues in High-Priced Units Across LA County | The LA Insider

Many California realtors believe sales will ↓ and prices will ↑ in the coming year, although they report more transactions in December.California realtors project a potential ↑ 22.9% in single-family home sales in 2024, reaching 327K units compared to 266K in 2023.

Supply costs ↑ 5.8% yearly impacting home repair expenses. Californians saw ↑ 67% in home repair costs over a decade. Pandemic sped up supply and labor cost increases. Predicting improved supply chains and lower inflation may cut repair/remodel costs.

Let's delve into the allure of near seclusion, where a private sanctuary unfolds at the foothills of Acton, offering awe-inspiring vistas that captivatethe senses. Picture this: a dwelling that not only boasts a four-car garage but also features a vineyard, a pool room adjacent to the enticing pooland spa, and a charming she shed. This residence truly encompasses the epitome of country living. Ascending the stairs reveals three bedrooms,with the… Read More »New Listing: 6109 Shannon Valley Acton, CA 93510

Interest rates affect affordability, leading to fewer buyers and sellers. New laws allow homeowners to build and sell ADUs, potentially increasing housing supply. Proposed legislation aims to curb corporate ownership of residential properties. New construction is on the rise due to limited inventory of existing homes. Other factors such as consumer confidence, elections, and migration from metro areas also impact the housing market. Continue to full article

California allocates over $500M for affordable housing, targeting low-wage workers and veterans. The state faces fierce competition as 240 projects request $3.5B, but only $576M is available. Developers emphasize the high cost of building affordable housing, requiring substantial funding support.

Despite challenges, well-funded buyers await rate drops to swoop on California homes and rentals. Rent prices in California are currently ↓ and are expected to continue ↓ in 2024. Mixed economic signals for 2024: – Bright spots like energy and jobs outweigh some concerns.