WHEN will the Temecula Valley housing market get better? The key to unlocking low inventory.
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- Опубліковано 21 сер 2024
- WHEN will the Temecula Valley housing market get better? The key to unlocking low inventory.
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** Timestamps **
0:01 General Intro
0:53 Market Watch Article
01:52 Proposed Solution #1 $10,000 Tax Credit
04:26 Proposed Solution #2 Mortgage Assumptions
05:52 Proposed Solution #3 Portability
06:54 Nerd Wallet Article
07:36 Jessica's Pick - Portability
08:54 Conclusion
In this video I talk about what's going on with the real estate market in Murrieta, Menifee and Temecula, California. I break down all the numbers and share useful stats so you can be better informed. Whether you are thinking about buying or selling, you need to know what is going on with the market! I hope you find the video helpful and please comment below to let me know what you think. Thanks for watching!
#movingtomurrieta #murrietaca #livinginmurrieta #murrietarealtor #murrietarealestateagent
My husband Chris and I are both full time Realtors here in Murrieta, California. We moved from Orange County to Murrieta in 2009 and married shortly after. I'm a "boy mom" to Joshua (age 7) and Bobby (age 6). Our 4th child is Zoe ~ our border terrier. We like playing volleyball, are learning to play pickleball, love BBQing and drinking Irish Mules.
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I am SO grateful for all you subscribers, so thanks for watching my videos!
If you want to talk to me about Murrieta, Temecula and/or Southern California real estate feel free to call, text or email me.
Chris Genung, MBA
Chris@GenungTeam.com
DRE# 01394664
Jessica Genung
Jessica@GenungTeam.com
Brokered by Real
DRE#01876252
(760) 363-5672
Jessica looks great! Content is wonderful :)
Hi Tina. Thanks for the kind words.
~Chris and Jessica
Hi Jessica. Thank you for taking the time to put together this video. From a housing affordability perspective, how would an interest rate drop to 5% affect housing prices and ultimately the monthly payments that homeowners will be paying?
Hi! If rates fell from today's 7% rate to 5% on a $600,000 purchase that would be a savings of $700 on the monthly payment. The fear I often hear when rates go down is that buyers will flood the market which could push prices even higher. My opinion is take that risk because we need to loosen up the "lock-in effect" by motivating sellers to move if they desire to. Right now they are unmotivated because they have such low mortgage rates. If enough sellers decide to move, in combination with new construction and sellers that "need" to sell (there will always be those), I believe prices will moderate and we could transition to a more balanced market.
How about a 40 year mortgage, maybe with a set adjustable interest rate of 1/2 % or so, every 10 years. Starting at 5% the loan would go up to 6% for the last 10 Years of the loan. Generally with inflation, monthly payments get more affordable. I have not really given the details much thought but I think the idea could would in favor of borrower and lender too.
Hi! The 40 year mortgage idea has been discussed recently. I am not personally a fan of that idea because I think it will drive prices even higher and buyers will ultimately pay a lot more for the home because they are paying interest for longer. I think it’s important for retired folks to own their home outright and the longer mortgage would postpone that. Just my two cents and thanks for commenting! 😊
Won’t lowering rates (or having some sort of take your rate with you program) just increase demand which will just increase prices.
I’d love to see an incentives to build more houses. Less regulation and less red tape and incentives for people to work in the manual labor and trades. Perhaps matching the pay for people in the manual labor workforce dollar for dollar based on tax returns.
The only sustainable solution is to bring both home prices and mortgage interest rates back in line with historical trends re-establishing the "normal" market. This will be painful and entails unwind the 2020-2022 bubble where we had home prices artificially increase by +40% and mortgage interest rates fall to historic lows (below 4%). Any solution that fails to achieve re-establishing the historical trend will only be kicking the can down the road. As mentioned this will be painful especially for home owners who bought during the bubble. Unfortunately, with the current posturing by those in the real estate industry, this is going to be a very long and slow but inevitable correction.
Job losses and deaths will unlock inventory. Both are coming.
LMK how bad you think this looks with Jessica out of focus.
Please be brutally honest here.