Hi 👋🏼 everyone, I’m Krista Mashore, Homes By Krista 🏡 So, this is a nationwide market update 🇺🇸 Why am I telling you this? Because people are wondering 💭 what’s the economy doing? What’s happening? Are we gonna have another bust? In fact, in California, the average person actually has over $30,000 💰 in equity, just this year alone. Now here’s the crazy thing, 30% of people that actual own homes do not even have mortgages, so this does not account for people that do not have mortgages. Now look 👀 across the nation to see who has significant equity. Now, significant equity means 2️⃣0️⃣% or more homes in California that have mortgages have significant equity. Again, 3️⃣0️⃣% of them do not have mortgages at all, so that means a lot of home owners own their homes outright. So in California, over 87% of homeowners actually have 20% or more equity in their homes, and here’s the crazy thing, most people don’t even realize they have that. You might be able to buy up ⬆️ or maybe buy down ⬇️. You have equity that you may not even realize that you have. From Quarter 1 to Quarter 2, we are seeing more people have significant equity in our nation than they even realize. Now, Quarter 1 to Quarter 2, Just in California, how much appreciation, or how much equity that we have. Again, significant equity.
We’re seeing that continue to rise. Buyer traffic is very, very strong💪🏼. If you notice, California is strong and the states surrounding California is very, very strong. This is a good thing. Buyer traffic right now across the nation is very, very high and that’s a great thing also. Why is that a great thing? Because with buyer traffic being high, that means homes are still selling. Look at this graph on foot traffic over the last 1️⃣2️⃣months. Now, that’s indicative, most year after year, I tell people all of the time that it’s really really not a bad time at all to sell during November and December because the inventory goes down, but buyer traffic, foot traffic, is still up, which is a great 😀 thing if you’re thinking about buying or selling right now this time of year! Interest rates have actually taken a little bit of a dip recently, but they are anticipated to go up just about a half a percent throughout next year. That means buyers, it’s a great time to buy. Sellers, it’s a great time to sell because more buyers can afford your home the lower that the interest rates are. The average time to close a loan is actually going down⬇️. It was at 48, now we’re around 43, so if you have a contract that’s around 30, 35 days, don’t stress and freak out if it takes a little bit longer. Many times the lending institutions, they’re taking a little bit longer to close loans because they’re making sure these buyers truly are qualified.
Over 5️⃣0️⃣% of people actually have a credit score ranging from 600 to 750. So, what does that mean? You may or may not be able to qualify, and you probably do, when you don’t even realize it. So this is just a really quick overview of what interest rates are doing, what foot traffic is doing, how our homes are appreciating, who has equity and who doesn’t, across the nation. If you need anything else real estate related, please be sure to reach 📲 out to me and let me know. Krista Mashore, Homes By Krista, I’m here to be your resource for anything and everything you need to know real estate related. Make it a great home selling and buying day!