Central Valley Housing Market Update: How's the Real Estate Market?

[Transcript Below]

0:00 Hello real estate lovers, friends, family, neighbors, the whole nine yards. It's time for our weekly Central Valley housing market update. 

0:09 September 8th, 2023. Let's go. Here are the numbers. Turlock, 73 active listing, same as last week. 61 pending up slightly from the week prior, 6 close to escrow, that's down from 13 the week prior, and the average number of offers on all listings that went pending this last week is 1.8. 

0:27 . Modesto, a slight increase in inventory, 204 available active homes for sale, up from 202 the week prior, 169 pending, same as last week, 20 close to escrow, that's down slightly from the week prior, and the average number of offers. 

0:41 Thanks for watching! The first up slightly at 2.3 on all homes that went pending this last week. Ripon is looking much the same, 13 active listings up from 11 a week prior, 12 pending, zero close to escrow last week, whoa, one offer, average for some reason. 

0:55 Offers on all listings that went pending this last week. Meantica is sitting at the same 118 available homes for sale, 106 pending this week, five closed escrow and the average number of offers up slightly at 2.6 offers on everything they win pending. 

1:10 When you look at the numbers for all of Stanislaus and Sam Joaquin County you can see that there is definitely starting to be an uptick in the number of homes for sale. 

1:19 However, before you start freaking out, Thank you very much. Uh, you can see year to date, we are still down 46.6%. 

1:27 In other words, there's half as many homes available this year as the year prior. Even with the increase, we are still We'll see you next week. 

1:49 We'll see you next week. We'll see you next week. We'll see you next week. We'll see you next week. See ya! You can see that the national averages according to the mortgage should do is daily on a 30 year fix that 7.22 and FHA is holding at 6.74. 

1:59 When you look at that and you put it in comparison with where current mortgage holders are right now. 92% of them have a mortgage of 6% or less, 82% have one at 5% or less, over half 62% have an interest rate of 4% or less and 25% of people. 

2:14 So one in four homeowners that have a mortgage. Has a 3% or less mortgage rate. That's putting pressure on the market because many of these people that have these lower interest rates are not wanting to swap out their 2.5% interest rate for a 7% interest rate. 

2:30 So they're only moving if they have to need to or really really really want to which means we've got low inventory. 

2:37 Inventory is still low but it has slowly been increasing. It really is the perfect time if you're a downsizer. If you own a home. 

2:44 We'll see you next week. We'll see you next week. We'll see you next week. And you have the ability to sell your home pay off your home if you owe anything on it and then purchase a smaller home with all cash. 

2:50 You were in the perfect situation right now because you can still get top dollar for your home because of the low inventory and then you will have an advantage. 

2:57 Because you can purchase with cash and you don't have to worry about whether interest rates are at 7, 15 or 25% for that matter. 

3:06 Perfect time if you're a downsizer. If you're a seller, it's still a seller's market with low inventory. However don't expect the moon with the current interest rates the way that they are. 

3:14 It's affecting buyers ability. So even though there still is definitely demand buyers just don't have as much margin as they had in the past and so you're not seeing near as many offers. 

3:25 It is far over asking price. What this means for you as a buyer is it's still a great time to buy as the inventory shortage literally has no end in sight. 

3:34 You're delaying the inevitable. But if you buy right now, if you can afford it and you buy right now and rates go up you're going to be really happy you bought when rates were where they're at now. 3:45 If rates on the other hand happen to go down the good news for you is you can refinance and then lock in that lower rate. 

3:52 So here here the red shoe wheelchair with the core team at remax we keep you moving forward if you have any questions whatsoever about real estate. 

3:59 Let us know we're here to be your resource for all things real estate related caller text us 209-2370. Thank you for your attention. You have a fantastic week and we'll catch you on the flip side. 

4:10 Bye.