With Autumn here, what can we expect the real estate market to do?

Typically, things slow down once the kids settle in at school, while sales prices and bidding wars all start to drop. But, here’s what the experts and data have to say about this Autumn’s housing market:

The supply of for-sale housing is incredibly low. In fact, Redfin reported that the total inventory was at an all-time low in June, dropping 15% compared to just one year earlier.

Because of the meager supply, existing home sales fell by about 2% in July. New home sales, however, were up 4.4% for the month and 31.5% over the year. Experts expect this trend to continue for the rest of this quarter.

Prospective homebuyers are turning to new construction as a way around the low inventory. The supply chain for builders continues to be a challenge, but builders are seeing it somewhat normalizing in most markets and believe that it will likely remain this way through the remainder of 2023.

If you are a prospective buyer getting turned down by other conventional lenders, don’t give up hope. We at Sun Pacific Mortgage have rescued many many buyers just like you, with our unique, fast & flexible private loan programs that allow otherwise rejected buyers to become homeowners.  We are also able to help homeowners access their equity to then get cash for downpayment on another home if they want to downsize or move out of area.  Whether you are shopping for a resale or a new home, we would like the chance to help!

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We are all aware that the housing market has slowed considerably this year, especially if we compare it to the past pandemic fueled frenzy of 2020-2022. The obvious reasons for this slump are the high interest rates and low inventory in a very competitive market, but there are still some areas, even in California, where there is still heightened activity.

This month in the SFGate they reported on a survey that was done by Realtor.com recording the most recent hottest ZIP codes in the country’s various metro areas. The rankings were based on a combination of market demand measured by views on Realtor.com and how fast homes sold. The list includers only one hot ZIP code per metro area. In California Livermore was the hottest spot in the Bay Area and Bakersfield was the most desirable in the Central Valley.

Livermore’s 94550 ended up at No.44 on the list with a median list price of $1.4 million. Granted, the area isn’t exactly affordable, and yet homes attracted more than double the attention per property and spent less time on the market compared with the greater San Francisco metro area.

Another surprising city which made the list was Bakersfield’s 93309 which landed at No. 24. It had a median list price of $340,000 in June 2023, a much more affordable price in a much more affordable metro area in the state.

In 2022, the only California market to crack the top 50 was Eureka, which took the 28th spot. The medium home price at the time was $480,000, but this year homes in the area are staying on the market longer causing it to drop off the list.

Prices have risen dramatically in the past few years in California, and no ZIP code has made it to the top 10 hottest ZIP codes since 2019.

If you are a hopeful buyer in this stressful economy, and if you have tried to qualify for a convention mortgage and failed, don’t despair! Sun Pacific Mortgage has rescued thousands of buyers just like you over the past 35 years. We have a family of investors who are willing to offer you a privately financed loan allowing you to realize your dream of homeownership today. Give us a call at 707-523-2099 or find us online at www.sunpacificmortgage.com.