November was another good month for jobs with 178,000 new ones created and unemployment dropping to 4.6%. The bad news was that after an encouraging 0.4% gain in October, average hourly wages dropped back by 0.1%.
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Freddie’s economists say they expect these rates will hold and that further increases will be modest. They are forecasting an average of 4.2% through 2017.
Gorgeous 3rd floor corner unit with views. Freshly painted interior including baseboards & crown molding. New upgraded carpeting throughout. Private patio balcony off living room.
Stainless steel appliances, breakfast nook, granite counters throughout kitchen & plenty of cabinets. Interior laundry room & open living room.
Spacious master bedroom & 2nd bedroom. Two full baths with tubs.
One car garage at entry level & parking space close by. Close to pool & BBQ area.
Currently offered at $420,000.
If you are interested in seeing this home, please contact me today!
The American people have spoken and they have elected Donald J. Trump as the 45th president of the United States. Change was clearly demanded, and change is what we will have.
The election was a shock for many, especially on the West Coast where we have not been overly affected by the long-term loss in US manufacturing or stagnant wage growth of the past decade. But the votes are in and a new era is ahead of us. So, what does this mean for the housing market?
First and foremost I would say that we should all take a deep breath. In a similar fashion to the UK’s “Brexit”, there will be a “whiplash” effect, as was seen in overnight trading across the globe. However, at least in the US, equity markets have calmed as they start to take a closer look at what a Trump presidency will mean.
On a macro level, I would start by stating that political rhetoric and hyperbole do not necessarily translate into policy. That is the most important message that I want to get across. I consider it highly unlikely that many of the statements regarding trade protectionism will actually go into effect. It will be very important for President Trump to tone down his platform on renegotiating trade agreements and imposing tariffs on China. I also deem it highly unlikely that a 1,000-mile wall will actually get built.
It is crucial that some of the more inflammatory statements that President-Elect Trump has made be toned down or markets will react negatively. However, what is of greater concern to me is that neither candidate really approached questions regarding housing with any granularity. There was little-to-no-discussion regarding housing finance reform, so I will be watching this topic very closely over the coming months.
As far as the housing market is concerned, it is really too early to make any definitive comment. That said, Trump ran on a platform of deregulation and this could actually bode well for real estate. It might allow banks the freedom to lend more, which in turn, could further energize the market as more buyers may qualify for home loans.
Concerns over rising interest rates may also be overstated. As history tells us, during times of uncertainty we tend to put more money into bonds. If this holds true, then we may see a longer-than-expected period of below-average rates. Today’s uptick in bond yields is likely just temporary.
Proposed infrastructure spending could boost employment and wages, which again, would be a positive for housing markets. Furthermore, easing land use regulations has the potential to begin addressing the problem of housing affordability across many of our nation’s housing markets – specifically on the West Coast.
Economies do not like uncertainty. In the near-term we may see a temporary lull in the US economy, as well as the housing market, as we analyze what a Trump presidency really means. But at the present time, I do not see any substantive cause for panic in the housing sector.
We are a resilient nation, and as long as we continue to have checks-and balances, I have confidence that we will endure any period of uncertainty and come out stronger.
Just Listed this gorgeous 3 bedroom model with loft office/study. Ideal location with privacy & garden views.
Open kitchen with granite counter center island off family room with fireplace & lots of kitchen cabinets. Spacious living room with dining adjacent to it.
Spacious master suite with walk in closet, dual vanity & views.
Sought after gated community with multi-million dollar club house with 2 pools, BBQ area, lighted tennis courts, exercise room, banquet room and more! No Mello Roos. Poway School District.
Currently offered at $559,000 – $579,000
If you or someone you know is interested in seeing this home, call me today to schedule a private showing appointment! Homes is this area are selling quick and this one will too!
Just SOLD this Stoneridge Chateau unit with an open floor plan on the golf course. Single story unit on ground floor.
Study room off the living room. Breakfast nook,pantry, interior laundry closet & pass through to dining area. Tiled fireplace with raised hearth in living room, large master bedroom with dual closets & views of golf course!
Enjoy patio living right on the golf course in a great community!
I can get the same results for you too! If you are considering buying or selling – call Greg Timms today! 858. 774.3049
Despite a month-long tease by way of comments from various board members, the September meeting of the Federal Open Market Committee (FOMC) came and went this week leaving rates untouched. A hike in the fed funds rate did get three “yes” votes, two more than in August.
Whether in reaction to the FOMC decision or not, Freddie Mac said its 30-year fixed-rate mortgage gave back some of last week’s 6 basis point increase, retreating to 3.48%. Maybe more important than the 2-point dip is the hint that rates may not move inexorably upward.
Existing home sales declined for the second straight month in August, falling 0.9% from July to an annual rate of 5.33 million. Condo sales did reclaim part of their near 13% July nose-dive, rising 10.5%, but single family home sales lost 2.3%.
National Association of Realtors Chief Economist Lawrence Yun blamed the slowing sales on tight inventories and rising prices as evidenced by the Federal Housing Finance Agency Home Price Index. It rose nationally by 0.5% compared to 0.2% in June, a pattern repeated in most of the nine census divisions. The year over year gain also accelerated slightly from June which supports the trend CoreLogic noted earlier this month.
After hovering in a narrow three-point range for the last nine months, the National Association of Homebuilders Housing Market Index finally busted loose, rising six points to tie the post recession high reached last October. The index, which measures home builder confidence in the new home market, shows recovering satisfaction with the current level of sales activity and the prospects that activity will continue strong over the next six months.
Unfortunately, that confidence wasn’t reflected in the following day’s August residential construction stats. Building permits continue to lag behind the numbers authorized a year earlier and were lower month-over month for the third consecutive period, this time by 0.4%. The drag came from multi-family permitting, which declined by more than 8% while single family permits reclaimed the 3.7% lost in July.
Housing starts were down 5.8% from a month earlier, with the change shared fairly equally by the single and multi-family sectors, and up .9% compared to last year. Housing completions also fell compared to July, but are still running way ahead of August 2015.
The good news from the residential construction data is the potential for expanding new home inventories. There are over a million units of housing now under construction with work yet to start on another 100,000+ permitted units.
Another flood of sales and pricing news is on the docket for next week. Given the trend of existing home sales, the pending sales report is the one to watch.
Just Sold by Exquisite Homes and Estate! FABULOUS TROPICAL PARADISE with GREAT PANORAMIC VIEWS!! A 1 story showcase with quality appointments & attention to every detail.
Terrific Large Gourmet Island Kitchen with Striking Granite; Gorgeous Tiger/Mahogany Floors; 5″ Baseboards;Custom Fireplace Doors;8′ Solid Wood Doors;Surround Sound Speakers Interior & Exterior.
Fourth bedroom has been converted to office with beautiful built-ins.
Beach Entry Pool/Spa, BBQ Island, Covered Patio Area with it’s own Fireplace!
Sold for: $935,000
Greg Timms can help you find your dream home too! If you are considering buying, selling or investing call Greg today.
Just listed and sold this great home in San Diego!
Enjoy the panoramic westerly view toward ocean, watch hot air balloons, from your private backyard with large covered patio.
Home is light and bright with flowing floorplan. Kitchen overlooking the backyard, opens to family room with fireplace. Tile floors in kitchen, entry, and family room. Large master bedroom with walk-in closet, dressing area with large vanity and double sinks. Oversized shower. Walking distance to Mt. Carmel High School, shopping, parks, and library.
Listed at: $629,900
I can get the same results for you too! If you are considering buying or selling, now is the time. Please call me today.
Just listed this gorgeous 2 bedroom, 2 bathroom, single story home with upgrades galore.
Remodeled kitchen with stainless steel appliances, granite counter tops, reverse osmosis, and tons of storage.
Beautiful hardwood floors and plantation shutters in all rooms. The 3rd bedroom has been converted into a media room. Built in storage in extra large garage. Bathrooms have been upgraded.
Enjoy the outside pool and spa, covered patio and deck is ideal for outdoor entertaining.
Currently Offered at: $529,000
Please contact me today if you or someone you know is interested in seeing this home.