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March 16, 2023

Updated: Mar 27, 2023

Best time to buy a home in the next few years Parade

A crucial part of finding the right home for you (as well as the right price) is timing. There's a lot that goes into buying a house including availability, the job market, the housing market, interest rates and more.

Experts whose clients ask, “When is the right time to buy,” turn the question back to their clients and ask them, “What is your motivation?” Buying a home is never a one-size-fits-all approach because there are myriad reasons to buy a home. Whether you're downsizing, upsizing, relocating or looking for an investment property, understanding your specific circumstance is important to finding the right fit for you.

More favorable interest rates perk up California housing market CALIFORNIA ASSN. OF REALTORS®

The lowest mortgage rates in five months helped boost California home sales to reach above the 250,000-unit annualized sales pace for the first time in four months, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said.

“A brief interest rate reprieve and softer home prices during January created a window of opportunity for homebuyers to dip their toes into the home-buying waters, which helped boost home sales to the highest level in five months,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “A shift toward more home sales in the lower-price segments is expected to continue to further soften home prices. However, with the availability of homes remaining extremely tight and housing supply conditions not expected to improve any time soon, prices should find bottom later this year as interest rates stabilize.”

CA homeowners can apply for state funding for seismic retrofits KSBW

There is a new program where people can get cash to pay for earthquake protection. The 'Brace and Bolt' program gives eligible homeowners money to pay for what is known as a 'seismic retrofit.' The idea is to lessen the potential for damage during an earthquake.

The program, funded by the California Earthquake Authority, provides up to $3,000 to homeowners for the retrofit of the crawlspace of older houses to make them more stable.

Older mortgage applicants face higher rates Market Watch

Analysis based on Home Mortgage Disclosure Act data concluded that older mortgage applicants were significantly more likely to be turned down for a loan than their younger counterparts.

One rationale for the pattern was age-related mortality risk. Having a borrower die can be costly to the lender, because it increases the likelihood of the loan being paid off early or entering foreclosure. Since mortality risk is higher for older borrowers than for younger borrowers, a rational and risk-averse lender should consider age-related risks when making lending decisions.

Interest rates dip while mortgage demand rises CNBC

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.71% from 6.79%, with points falling to 0.79 from 0.80 for loans with a 20% down payment.

Despite rates being higher, mortgage applications to purchase a home rose 7% for the week but were still 38% lower than the same week a year ago. Buyers seem to be coming back, perhaps because they are concerned rates will go even higher.


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