REALTOR MAGAZINE By: Barbara Ballinger
Whether you use “workforce,” “attainable” or another term for it, housing that’s affordable to essential workers remains in short supply in many communities.
For years, the term “workforce housing” has defined a subset of affordable housing for those who earn between 60% and 120% of an area’s median income. Now, the term is losing favor.
Some feel it suggests that those who earn less than 60% of their AMI aren’t part of their area’s workforce. “The phrase has an unfair, exclusive characterization,” says Michael Liu, senior partner and design principal for The Architectural Team (TAT).
Miriam Axel-Lute, CEO and editor-in-chief of Shelterforce, a publication focused on...
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Written by : Erik J. Martin
Mortgage rates remain high, home sales — and in some areas, home prices as well — are hitting the brakes, and uncertainty is permeating the market. It’s no wonder many homeowners, prospective sellers and hopeful buyers are feeling nervous.
As of July 5, the average 30-year fixed mortgage rate was once again flirting with 7 percent (6.95 percent to be exact, according to Bankrate’s survey of large lenders). The Federal Reserve raised rates for 10 meetings in a row in an effort to curb inflation, before taking a pause at its recent June meeting. And sales of previously owned homes are down more than 20...
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From our friends in KCM
Today’s higher mortgage rates, inflationary pressures, and concerns about a potential recession have some people questioning: should I still buy a home this year? While it’s true this year has unique challenges for homebuyers, it’s important to think about the long-term benefits of homeownership when making your decision.
Consider this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how home values grow with time and how, by extension, that grows your own wealth. That may be why, in a recent Fannie Mae survey, 70% of respondents...
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By Aarthi Swaminathan
The numbers: U.S. pending-home sales fell in May, the National Association of Realtors said on Thursday but the housing market is still showing signs of being in recovery mode.
Demand for homes is still strong, despite mortgage rates hovering near 7%, but buyers are finding few properties for-sale to choose from as homeowners hold out on selling.
The shortage in housing inventory has become so dire that it’s pushed pending home sales down in the spring, which is generally the peak season for home-buying.
Sales fell by 2.7% from the previous month, according to the monthly index released Thursday by the National Association of Realtors (NAR).
The figure fell short of...
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MARKETWATCH | By Taylor Getler
Overwhelmingly, home buyers view finding the right home as the hardest part of the buying process. There’s so much to consider: What can I afford? How much space do I need? And the most harrowing question of all — what am I willing to give up?
This question is even more loaded for LGBTQ+ buyers, who may face the added pressure of evaluating a new community for safety and comfort.
Social attitudes have dramatically shifted from the days where queer and transgender buyers were concentrated in just one or two neighborhoods, points out Barbara Stone, a Realtor in Dallas, Texas. Today, the community is made up...
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REALTOR® Magazine
As inflation decelerates, the potential for lower mortgage rates is becoming a greater possibility.
Mortgage rates decreased for the second consecutive week but still remain above 6.5%, a far cry from a year ago, muting any celebration from borrowers. Freddie Mac reports the 30-year fixed-rate mortgage averaged 6.69% this week.
The weekly drop comes on the heels of better economic news: The Federal Reserve on Wednesday voted to pause hikes to its benchmark interest rate in June—here’s how that could affect mortgage rates—and inflation dropped to 4%, the lowest level in two years.
“As inflation continues to decelerate, economic growth is slowing and the tightening cycle of monetary policy...
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710 Montecillo Rd, San Rafael
Serenity and Mid-Century Style in the Heart of Terra Linda
The Best of California Living
This beautiful & expanded Eichler is light and airy and has a large, level backyard with views of the surrounding hills and a very flexible floor plan with bonus rooms that can be used for additional bedrooms, offices, workout rooms or dens. The kitchen is upgraded with quartz counters & stainless appliances. There is a remodeled primary suite w/ generously-sized bathroom with oversized jetted tub & separate shower. The floor plan allows for multi-generational or multi-situational living –a large light-filled bedroom with an area that could be a kitchenette, as...
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35 Corte Dorado, Greenbrae
Living Your Best Life in the Heart of Greenbrae
Offered at $2,495,000
Experience luxury and serenity with this elegant 4 BR/3BA home in Greenbrae. This two story home has the spacious primary suite with full Mt. Tam views and a large guest bedroom on the main level with two bedrooms, a bath, family room, laundry room on the lower level.
Situated on a cul-de-sac in a sylvan setting, walking distance to top-rated schools, this home was rebuilt in 2000 using gorgeous finishes including slate, granite, marble, limestone and wood. It is on a large lot that slopes gently to a seasonal creek and affords tremendous privacy.
With large...
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By Aarthi Swaminathan
The numbers: Home prices rose in March as sellers held out on listing their homes, constraining supply.
Despite elevated mortgage rates, the S&P CoreLogic Case-Shiller 20-city home-price index rose 0.5% in March, as compared with the previous month.
Home prices were strongest in the Southeast, while prices in the West continued to drag. Though buyer demand has outpaced supply in March, surging mortgage rates may dampen home sales. The rate for the 30-year mortgage in May is over 7%, according to Mortgage News Daily.
Year-over-year appreciation was down 1.1%, a dip after home prices rose 0.4% in February. The 20-city index peaked in June 2022.
A broader measure...
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By: Keeping Currents Matter
There’s been some concern lately that the housing market is headed for a crash. And given some of the affordability challenges in the housing market, along with a lot of recession talk in the media, it’s easy enough to understand why that worry has come up.
But the data clearly shows today’s market is very different than it was before the housing crash in 2008. Rest assured, this isn’t a repeat of what happened back then. Here’s why.
It’s Harder To Get a Loan Now
It was much easier to get a home loan during the lead-up to the 2008 housing crisis than it is today. Back...
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