National is Not Local in the Real Estate Market

The Mortgage Voice
The Mortgage Voice
National is Not Local in the Real Estate Market

Median home prices vary widely across the country, and from county to county in southern California. They are much higher in places near the coast and 30-50 miles inland, from Los Angeles down to San Diego, with Orange County showing the highest median price. In Riverside County and the hotter areas of SoCal, the median is lower and thus more affordable. National real estate prices are in a precarious state at the moment, and 60-70% of the markets are experiencing price reductions, with several markets seeing faster drops than others. That is good news for homebuyers, but the higher interest rates can still be a limiting factor for many. Some of those areas are priced at the top end of the scale, often leaving Freddie Mac and Fannie Mae no longer an option, so the more expensive private-label loans are usually the route to follow.

Experts have recommended a few things for homebuyers to be aware of in the current real estate market: 1) Inventory is up 18.7% from last year, and in September most people will be settled for the year with children starting school, so there will be more houses on the market; 2) One in seven homes that are listed saw sales reductions last month; 3) National is not local, and local conditions rule in the market where people are looking to buy; 4) To expedite pre-approval for a loan, it’s essential to be financially ready with all of the components needed.

While it is wise to stay abreast of all of the changes in the US when it comes to interest rates and real estate prices, homebuyers should focus on what is required for the community where they are interested in finding a home and prepare themselves to meet the conditions that are unique to that area. Guests include:

– Henry Park (Lending 3) comments on the changes ahead in the lending industry.

– Eric Morgenson (Angel Oak) discusses new programs to help homebuyers deal with rising rates.

– Gentille Chhun (Realty One Group) shares an overview of the Las Vegas area and how supply differs from market to market.