Market Update 6.28.22 - Values will not Plunge!
A lot of changes have happened relatively quickly in the last month to the real estate market compared to the last couple of years that you may be asking if we are heading to a housing crash? Steven Thomas shares more about his predictions in the link below in his latest housing report. Spoiler alert...compare today to the Great Recession and we will not see values plunge!
Below is a quick glance at where we are with the market this week.
#1 - Interest Rates
Rates as of 6/27/2022
*30 year fixed: 5.875%
*15 year fixed: 5.250%
*30 year fixed: 5.375%
*15 year fixed: 5.000%
*If you wanted to buy a home for: $1,000,000
Down payment (20%): $200,000
Est. monthly mortgage payment: $6,066/month for 30 years
Est. monthly mortgage payment: $7,765/month for 15 years
Est. monthly mortgage payment: $5,814/month for Jumbo/Portfolio loan 30 years
Est. monthly mortgage payment: $7,660/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 6/27/2022
* There are 59 new homes on the market in the last week in Huntington Beach for a total of 238 active listings.
* 25 properties went under contract in the last week.
* 31 active listings have reduced their price this last week.
* Median list price is $1,336,500.