Those with no mortgage have stayed put the longest, with about one-third living in their homes for 30 or more years, compared to 11% of those with a mortgage, and 2% of renters. On average, high-equity homeowners with no mortgage are more educated and have higher incomes than renters, but they tend to be less educated and have lower incomes than those with a mortgage.
July 04, 2022 – With mortgage rates steadily coming down after reaching a recent peak in mid-June, the market began to show some signs of stability as purchase mortgage applications remained unchanged from the prior week. Home sales remained depressed from the prior year, however, as economic uncertainty and higher borrowing costs continued to expand their role in homebuyers’ decision to purchase.
Bay Area rental rates among the highest in nation
According to Realtor.com, the Bay Area ranks among the top region with the highest renal rates. The overall median rent comes in at $3,000 per month in the San Francisco-Oakland-Hayward area and an average of $3,165 monthly rent for the San Jose-Sunnyvale-Santa Clara area.
Is it a good time to sell? The answer is "YES" it is an excellent time to sell now. Of course, market activities are limited now, but low-interest rates, fewer inventories, and solid buyers are looking for a home
California Realtor Association published October Buyer's Guide Report.
The Buyer's Guide is meant to provide our REALTOR® members, or their clients, with a current market snapshot of their local area of business in the state of California as seen from the perspective of a buyer. Reports are updated with last month's data by the third week of the current month.
The City Market Overview reports are meant to provide our REALTOR® members, or their clients, with a current market snapshot of their local area of business in the state of California. Reports are updated with last month's data by the third week of the current month.