For over 79 years, Veterans Affairs (VA) home loans have helped countless Veterans achieve the dream of homeownership.
Our blog serves as a comprehensive resource offering insights into market statistics, home values, and practical advice for buying and selling properties. We also include local information to keep you informed about the community we care deeply about. If you have any questions, feel free to contact us. We’re eager to assist you in finding your perfect home!
For over 79 years, Veterans Affairs (VA) home loans have helped countless Veterans achieve the dream of homeownership.
Over the past few years, some homeowners have decided to delay their move because they don’t want to sell and take on a higher mortgage rate on their next home.
Facts: The average 30-year fixed mortgage rate from Freddie Mac was essentially flat at 6.78% from 6.79% last week. At 6.78%, with 20% down, a monthly mortgage payment is $2,082 on a home with a price of $400,000. With 10% down, the typical payment would be $2,342.
Positive: Mortgage applications increased this week despite higher rates over the last few weeks. The election was decided, and buyers have resumed their search after an election pause. Even with a historically low share of first-time buyers, it is important to note that late Fall and Winter months are traditionally more favorable for first-time buyers as families bow out.
Negative: There have been two Fed rate cuts, and more are expected in 2025. However, these are not directly tied to mortgage interest rates, which are more closely tied to the 10-year treasury, which has increased in the last week. This week also showed inflation (down from last year but up from last month).
Congratulations Baxter on representing the sellers of this property in Santa Margarita. Baxter started working with these clients back in October 2023 when he represented them as a buyer’s agent. When these clients needed to sell their property, they immediately reached out to Baxter to represent them again, this time as a seller’s agent. These clients are so thankful for Baxter, and we wish them all the luck in this next chapter of their lives.
Congratulations Jaime on representing the seller of this property in Atascadero. Jaime had worked previously with this client selling their childhood home a couple of months ago. They weren’t quite ready to sell the property out front but when they were they reached out to Jaime without hesitation since the last transaction was so smooth. The property spent 4 days on the market, received multiple offers and closed $55K over the asking price. The client couldn’t be happier with how the sale of this property and the sale of the home turned out.
Congratulations Baxter on representing the buyers of this home in Templeton. These clients are first time home buyers and were looking for a home that would fit their young family. This was only the second home Baxter showed them, but they knew right away this was the home for them. They acted quickly and, with Baxter’s help, they are now proud homeowners. They are so excited to start living in their new home, three-legged racoon and all!
We’ve officially arrived into Winter! Daylight Savings has come to an end, it’s getting dark earlier and the weather has finally cooled off. Yay for sweater weather!
Our typical real estate cycle always sees a slight slowdown in the fall. However, during an election year that dip is typically larger in the month leading up to the election. Why you may ask? Uncertainty. Many people will hold off making any type of major decision or purchase until after the election so they can feel more secure in how the future will look. This includes buying and selling a home.
But there’s good news! After the dust from the election settles our real estate market will rebound. Buyers and sellers feel more confident to re-enter the real estate market and home sales will bounce back.
So, if you’re waiting for a clearer picture before making a move, just know that the market is expected to pick up speed in the months ahead.
Enough about the election, let’s take a look at the numbers from October 2024. Home sales in October increased in both Atascadero (38 homes up 31%) and Templeton (9 homes up 80%) but Paso Robles saw a small drop (45 homes down 8%). However, the median sales price dropped in Atascadero ($810,000 down 2%) and Templeton (1,000,000 down 33%) but increased in Paso Robles ($730,000 up 7%). To interpret those numbers, more homes sold in Atascadero and Templeton in October 2024 vs 2023 but the price of those homes were slightly less than those that sold in 2023.
When comparing the number of active homes on the market to this time last year, there are more homes available now. We can also notice that the average days on market are slightly higher. This means that buyers have more inventory to choose from and sellers may need to be more patient while they sell their home.
Here is a video with all the statistics for Atascadero, Paso Robles and Templeton for the month of October 2024. If you would like to see information on other Central Coast cities, please let us know.
Dr. Jessica Lautz is the Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®.
Facts: The average 30-year fixed mortgage rate from Freddie Mac grew to 6.72% from 6.54% last week. At 6.72%, with 20% down, a monthly mortgage payment is $2,069 on a home with a price of $400,000. With 10% down, the typical payment would be $2,328.
Positive: Once past the election uncertainty and the Fed's meeting next week, mortgage interest rates should start to settle again into the mid-6% range. For current homeowners, the increase in mortgage rates has less impact as they continue to be the winners in today's housing market. The typical homeowner has about $415,000 in wealth compared to the typical renter of $10,000.
Negative: Many home buyers may take a quick pause this week as attention has turned to the election. They may also be waiting for interest rates to settle in the coming weeks, but remember, any pause creates built-up demand in the market.
With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Continue Reading.
Facts: The average 30-year fixed mortgage rate from Freddie Mac grew to 6.54% this week from 6.44% last week. At 6.54%, with 20% down, a monthly mortgage payment is $2,031 on a home with a price of $400,000. With 10% down, the typical payment would be $2,285.
Positive: Mortgage applications are higher than one year ago. The monthly savings a home buyer could have on a $400,000 home is $270 compared to last year. This doesn’t matter to 30% of home buyers who skipped financing last month. Owners continue to gain equity, allowing for large down payments and all-cash purchases
Negative: Housing affordability constraints have dropped the first-time buyer share for two consecutive months to the lowest historic share of 26%.