Brad Diffley Homes

Did you know? The National Association of Realtors estimates
that for every 1% rates go down, 1 million new buyers enter the market.

This graphic is a bit dated. Remember 3.5% interest? Well the price difference for a mortgage is even MORE pronounced with rates in the 6's. Fix Thy Credit First!

11 Upgrades That Actually Make Your House Harder To Sell, According to Real Estate Experts

In a competitive housing market where first impressions are everything, coming in with all the right intel on buyer psychology is key to a speedy sale. “While you only need one buyer, it’s also important that you’re putting your absolute best foot forward,” Austin-based real estate agent Ashley Ross says, adding that buyers are getting pickier these days and less willing to renovate after moving in. At the risk of staging a boring home, Ross says: (Cont.) at link.
https://bit.ly/45CXg1j

“The buyer and seller will be looped into the transaction more so we’re able to be more transparent with them about compensation,” said Barbara Clemons, president of the Bay East Association of REALTORS. “There will be more forms for the buyer and seller to fill out.”

That will be apparent when visiting an open house – buyers will be asked to sign forms and if they don’t have an agent representing them, they might not be able to get additional information about a property without an agent. Buyers will have to negotiate how much they are willing to pay the broker representing them. But sellers could incentivize a sale by offering to pay all or a portion of the buyer’s agent’s commission.
How these changes will affect commissions or the market is still a big unknown.

"There is no crystal ball. I don't believe this is a factor on its own that's going to significantly influence housing prices," Thomas said.

But it will be a learning curve for everyone looking to buy or sell a home now.

The most recent.. US 3-D Printed neighborhood is in Texas. Would you live in one of these? What if it costs $400,000 less?

With some Baby Boomers handing their homes down to their children, this article has a few notes of interest: https://bit.ly/46Ajty3

5 Things to Know Before Adding Someone to the Deed Before you add someone to the deed on your home, you should be aware of these five things.

As expected, the Fed held interest rates steady at its July 31 meeting but laid the foundation for rate cuts to start in September. This is unlikely to impact mortgage rates this week, but their gradual decline should continue. Rates have already come down from their recent peak in mid-April, and homebuying demand has yet to improve, perhaps because some homebuyers are waiting for rates to fall while others may wait until after the election.

California single-family homes were sold at a 270,200 annual rate in June.
How slow is that?

While it’s just off 3% in a year, it’s down 32% compared with the quaint, pre-pandemic days of 2018-19.

For all types of homes, prices rose this year from last.

California homeowners are suing the FAIR Plan, that state’s last option for those needing fire insurance, accusing it of failing to provide the legally required coverage for smoke damage. The class action case, filed Wednesday in Alameda County court, is being brought on behalf of the more than 350,000 policyholders on the FAIR Plan – a state-created pool of private insurers required to provide fire coverage to homeowners who can’t find it elsewhere.

Attorney Dylan Schaffer, representing the plaintiffs, said the goal is to force the FAIR Plan to cover the full costs of cleaning homes inundated by smoke during wildfires, a process that can cost tens of thousands of dollars. The lawsuit is seeking required coverage, not monetary damages. In response to complaints of denied smoke claims, the California Department of Insurance determined in a May 2022 report that FAIR Plan policies didn’t meet state coverage requirements. Source: East Bay Times

"While all 100 economists in a Reuters poll said that the Fed would keep rates unchanged on July 31, more than 80 percent, or 82 out of 100, forecast the first 25-basis-point cut would come in September. That would take the funds rate down to 5%. " C.A.R.

Keep it coming!

Due to the lawsuits, here’s a change that is sure to raise some eyebrows:

Starting Aug. 17, U.S. homebuyers will need to sign contracts with their brokers before agents can show them homes.

Under the settlement, the traditional compensation system for agents and brokers could change, and it’s possible buyers will have to pay commissions on their own.

At a minimum, all homebuyers must sign a contract with their agent before that agent can start showing them homes.

In addition, agents for sellers must stop posting buyer commission offers in the real estate listing database, or MLS. Offers of compensation can continue, but can’t be publicized in the Realtor-run listing services.

Home Selling 101: You have to thread the needle when setting your price. As in PERFECT PRICE..
Home buyers will ignore homes which are perceived as overpriced. .This is especially true of millennial and Generation Z buyers, who are more comfortable viewing and making offers on houses for which the sellers have set a “justifiable price.” Sellers won't even have the chance to negotiate with them because they won't ever look the place over.

Tue Jul 16 2024 - Spotlight: CANYON COUNTRY REAL ESTATE MARKET UPDATE
This week the median list price for Canyon Country, CA 91387 is $989,000 with the market action index hovering around 53. This is about the same as last month's market action index of 53. Inventory has decreased to 35. While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI. Selling or buying in Canyon Country? Give me a call!

What is the matter with these people? Life is tricky enough as is. Check out these stairway designs.

https://themortgagereports.com/24603/how-to-buy-a-house-with-low-income-in-2017 -HP

How To Buy A House With Low Income | Loans & Programs Wondering how to buy a house with low income? Low-income home buying programs offer affordable mortgages, down payment assistance, and more.

Hang in there, friends... It will get better.🙂

There's a home out there for ANYone, I suppose..

California rents equal $2.96 per square foot – 5th Highest in the U.S.
55% above the $1.91 charged nationally.
California’s big economic rivals? Texas was 29th highest at $1.64 and Florida was No. 19 at $2.
How did we get to this cost absurdity? Well, it’s a painful mix of California’s tiny units at big prices.

If you think you'll NEVER have enough money for a down payment, remember these 4 letters: GSFA.
Free (Don't pay them back) Down Payment Assistance.