Gmail - June Real Estate Insights: Market Updates & More

🌞 June Real Estate Insights 🏠

Summer is starting to heat up, in more ways than one. For us, the transition from May to June means the end of the school year, the start of summer vacation, summer camp, and swim team adding weekend meets to the daily practices. Enjoying family time outdoors while staying focused on the real estate market.

Don't forget to complete your summer home care tasks. Even if you're renting, some of these maintenance items will help avoid problems:

✅ Replace Air Filters - help keep your A/C running through the summer!
✅ If your A/C is not performing well, get it serviced before you need it most!
✅ Check your sprinklers and drips for damage/leaks
✅ Adjust landscape timers based on your city watering restrictions, if any
✅ Clean (or have someone clean) your rain gutters
✅ Consider a roof inspection if it's been a while, even tile roofs need maintenance!

Home care tips for each season

If you need help completing any of these home care maintenance tasks, just reach out and I can refer you to a helpful vendor! Speaking of which, I must say thank you to everyone who referred a vendor to me. I look forward to referring my clients to them... But it's not too late; if you have worked with a vendor that has done great work, send me their info and I'll add them to my list and make sure they know you referred them!

Featured in this newsletter, you'll find information about financing the dream of homeownership, a market update and an update on upcoming changes resulting from the NAR Settlement with Sellers.

If you have any questions or need assistance, don't hesitate to reach out. Let's make your homeownership dreams a reality!

Market Listings

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CONGRATS 2024 GRADS!

Homeowner vs Renter Net Worth per Capita

Credit Smart

Down Payment
Assistance

Unlocking the Secrets of Homeownership

Tips and Resources for Buyers

I've been busy educating myself on core real estate topics to better serve my clients. I am working toward two designations: Accredited Buyer Representative (ABR) to enhance my ability to serve buyers amidst evolving real estate practices, and Seniors Real Estate Specialist (SRES) to provide specialized assistance for seniors and their housing needs.

This past week, I participated in a webinar about realtors and their role in "Financing the Dream of Home Ownership." It was packed with valuable information, and I want to share a few key takeaways with you.

Benefits of Homeownership

There are numerous benefits to homeownership, alongside some drawbacks, like maintenance and upkeep responsibilities. Jordan Levine, C.A.R.'s Senior Vice President and Chief Economist, discussed market trends and the historical and anticipated future increase in property values, a topic I've covered in previous newsletters. He concluded with a chart comparing household net worth per capita of homeowners versus renters/non-homeowners. This chart demonstrates the gap in net worth of homeowners and renters. Click on the image to the left to see the chart. This reminds me of something I read, "If you're paying rent, then you're paying a mortgage... Just not your own!"

Down Payment Assistance (DPA) programs

A key focus of the webinar was helping buyers understand that:

A 20% down payment is no longer necessary.
Various programs can assist in achieving homeownership.
Hundreds of down payment assistance programs are available statewide.

Working with a great lender is crucial, but so is self-education. Here are a couple of self-help resources available:

✔️ CreditSmart - A Freddie Mac resource offering free resources and education to help home buyers move toward homeownership.

✔️ FindDownPayment.car.org - A C.A.R. resource that allows you to enter an address and see available down payment assistance programs, along with information about their benefits and qualifications.

🏡 Sacramento Real Estate: Key Market Updates and Predictions for June 2024 📈

Welcome Summer! The hot summer months mark the annual peak of a hot real estate market! Now that interest rate changes have been tempered, we're starting to see a turnaround in the real estate market.

Despite the higher interest rates, here's what we're seeing:

Low rate of foreclosures: homeowners have enough equity!
Fewer listings: The number of listings is down from similar times in previous years; a result of homeowners refinancing when rates were extremely low!
10 straight months of increased median closed prices!
The number of listings, pending and closed sales have all increased.

June Market Update: Sacramento County

The information above and the charts to the right give us a pretty good idea of the current market. Housing prices have increased for 10 straight months, with the median home price reaching a new all-time high. We're seeing more listings, more pending sales, and more closed sales in the greater Sacramento area, and the days on the market are decreasing. The summer real estate market is heating up and starting to rebound. While interest rates fluctuate slightly, they haven't been going significantly up, bringing out more buyers. More buyers with less inventory mean home prices will likely slowly increase over the summer months. As winter comes around, the market typically takes a dip, and we'll have to wait and see how the mortgage rates change. Stay tuned, but if you're looking to buy and are in a position to do so, all signs point to now being the time to make that move!

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Understanding the NAR Settlement: What It Means for Home Buyers

If you haven't heard about the NAR Settlement with Sellers, you can take a look at my previous newsletters available on my website. Essentially, even though all commissions are negotiable, sellers have traditionally set the commission for buyer's agents.

There are two main changes that will impact buyers:

Sellers will no longer automatically be offering commission to buyers agents. Instead, buyers will request a concession as part of their offer.
Buyers will be required to sign an agreement with their agents before being shown any houses.

While the timeline for these changes to go into effect is currently set for August 15th, most brokerages are starting early! So, the next time we go see some homes, be prepared for us to have a conversation about this.

"The Complete Guide to Buying a Home"

Last month, I introduced my new book, "The Complete Guide to Buying a Home," a comprehensive resource for anyone navigating today's real estate market!

I've ordered and received a limited number of physical copies, but for now, it's still available online as an e-book! Whether you're a first-time homebuyer or a seasoned pro, "The Complete Guide to Buying a Home" is an essential guide.

Ready to get started? Click here to access your copy today! This is a limited-time offer, the digital version of the book is accessible until June 25th! After June 25th, the digital book may no longer be available!

If you prefer a physical copy, please reach out to me directly, and I'll be happy to provide one while supplies last.