Silicon Valley Real Estate Market Update 8/17/2023



Here's the weekly round-up of news. Check it out, save it for later, and/or share it with your friends. 


6 ways your buyers can save on their mortgage With rates near 7%, your clients are feeling the financial squeeze. Here are a few secrets to ensuring they get the best deal they can on their loan. Full Story: REALTOR® Magazine (8/17) 


What's trending in multifamily outdoor amenities With piqued interest in outdoor living, developers curate amenities for a building's location based on location and a community's needs. Full Story: REALTOR® Magazine (8/17) 


Homebuilding rise shows economy's resilience The Commerce Department is reporting a sharp rise in new home construction—another positive economic indicator, along with an increase in retail sales. Single-family home starts continue to be a bright spot. Full Story: Reuters (8/16) 


Top 10 places to buy a vacation home Investment properties in beachside communities offer the highest ROI potential, a new analysis shows. Here are the most profitable hotspots this year. Full Story: REALTOR® Magazine (8/14) 


Pandemic drives in-home bar trend Many homeowners built out bars within their homes for hosting guests during the coronavirus pandemic. Seating and layout are important factors to consider when pursuing a home bar project. Full Story: Mansion Global (8/13) 


Concrete can transform interior spaces Ubiquitous in outdoor spaces, concrete is increasingly being used in "industrial interior design," which combines its pragmatism with style via new designs and casting methods, writes Beth Williams, a construction manager at Cleanwrap Interior Protection Systems. Concrete can be a cost-effective alternative and its versatility allows customization in various design styles, with Williams highlighting concrete's ability to transform floors and walls, kitchens and bathrooms and other spaces. Full Story: For Construction Pros (8/11) 


California Housing Affordability Slides to Lowest Level in Nearly 16 Years Sixteen percent of California households could afford to purchase the $830,620 median-priced home in the second quarter of 2023, down from 19 percent in first-quarter 2023 and down from 17 percent in second-quarter 2022, C.A.R. reported last week. A minimum annual income of $208,000 was needed to make monthly payments of $5,200, including principal, interest and taxes on a 30-year fixed-rate mortgage at a 6.61 percent interest rate. Twenty-five percent of home buyers were able to purchase the $640,000 median-priced condo or townhome. A minimum annual income of $160,400 was required to make a monthly payment of $4,010.  Full Story: car.org


Market Update Housing affordability remained an issue in the second quarter and the problem will persist in the second half of the year as rates continue to stay high. Despite inflation easing closer to 3% in the last couple months, rates have been climbing further in the last two weeks as food and energy prices are expected to increase in coming months. With inflation not likely to come down meaningfully in August and September, there is a chance that the Fed could raise its policy rate one more time before the end of the year. As such, mortgage rates could remain elevated for a longer period than what the market previously anticipated. Full Story CAR Market Minute Write Up

 

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