Affordability Challenges - Market Update 6.1.22
Home affordability is weakening as home prices rise and so do the interest rates. Buyer demand is dropping due to these factors. Check out the affordability change in OC over time and the latest housing report prepared by Steven Thomas in the link.
Below is a quick glance at where we are with the market this week. Give me a call to discuss!
#1 - Interest Rates
Rates as of 5/31/2022
*30 year fixed: 5.375%
*15 year fixed: 4.500%
*30 year fixed: 4.750%
*15 year fixed: 4.375%
*If you wanted to buy a home for: $1,000,000
Down payment (20%): $200,000
Est. monthly mortgage payment: $5,814/month for 30 years
Est. monthly mortgage payment: $7,454/month for 15 years
Est. monthly mortgage payment: $5,507/month for Jumbo/Portfolio loan 30 years
Est. monthly mortgage payment: $7,403/month for Jumbo/Portfolio loan 15 years
Get pre-approved to be ready for the purchase process now. If you would like to speak with a mortgage lender, click reply and I will make an introduction to a lender that will best meet your lending needs.
#2 Real Estate Market Snapshot for Huntington Beach as of 5/31/2022
* There are 40 new homes on the market in the last week in Huntington Beach for a total of 180 active listings.
* 28 properties went under contract in the last week.
* 18 active listings reduced their price in the last week.
* Median list price is $1,325,000.