Boris Gutierrez

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For the past five consecutive months, existing-home sales have risen month over month, according to the National Association of Realtors (NAR). In October, sales climbed 4.3% from September and 26.6% from October 2019. Of all the homes sold in October, 72%or seven out of every 10remained on the market for less than 30 days. Home Sales Expected to Climb in 2021 Economists with NAR predict that existing-home sales will continue to climb throughout 2021 to six million, a 10% i...ncrease. According to Lawrence Yun, chief economist for NAR, the rapid increase in sales over the past few months has more than compensated for the loss of sales in the spring. With news that a COVID-19 vaccine will soon be available, and with mortgage rates projected to hover around 3% in 2021, Yun said, I expect the market’s growth to continue into 2021. Inventory Hits Record Low With home sales rebounding, the chronic problem of a lack of inventory is worsening. At the end of October, there were 1.42 million units available for sale, down 2.7% month over month and down a staggering 19.8% year over year. At the current sales pace, inventory levels would supply the market for only 2.5 monthsan all-time low. In comparison, unsold inventory was at a 2.7-month supply in September and a 3.9-month supply in October 2019. Median Home Prices Increase at Double-Digit Rates With inventory levels so low, it should come as no surprise that October’s median existing-home price climbed an impressive 15.5% from a year earlier, marking the 104th straight month of year-over-year price gains, which every sales region in the country reported. According to the NAR quarterly Metropolitan Median Area Prices and Affordability report, every one of the 181 metropolitan areas experienced single-family existing-home price increases. Of these areas, 65% saw price increase rates in the double digits. To improve affordability, help more buyers enter the housing market, and replenish the short supply of homes, new home construction needs to increase. According to Yun, Homebuilders’ confidence has soared even though the actual production has not. All measures, such as reduction to lumber tariffs and expansion of vocational training, need to be considered to significantly boost supply and construct new housing. Home Sales for October 2020 Northeast: Existing-home sales increased 4.7% from September 2020 and 30.4% from October 2019. At $356,500, the median sales price increased 20.2% from October 2019. Midwest: Existing-home sales increased 8.6% from September 2020 and 28.1% from October 2019. At $243,500, the median sales price increased 16.7% from October 2019. South: Existing-home sales increased 3.2% from September 2020 and 26.5% from October 2019. At $272,500, the median sales price increased 15.7% from October 2019. West: Existing-home sales increased 1.4% from September 2020 and 22.8% from October 2019. At $467,800, the median price increased 15.1% from October 2019.

Four Reasons to Refinance Your Home When Rates Are Low Low interest rates make it tempting to refinance, but refinancing usually comes with some upfront, out-of-pocket costs. It’s not a race to simply have a rock-bottom rate, but sometimes it makes sense to refinance. Here are four reasons to take advantage of low rates: 1. Reduce your monthly payment.... On a 30-year, fixed-rate mortgage, a 1% difference in interest rates works out to about a $60 monthly difference per $100,000 owed. Keep this in mind: if you have only 25 years left on your current loan, you’ll be extending the loan period by five years by refinancing for another 30 years, and will probably pay as much or more in total interest over the life of the loan. 2. Reduce your interest by paying off your home faster. If you currently have a 30-year mortgage, refinancing to a 15-year loan can mean paying less in total interest over the life of the loan. Even if you’ve paid the mortgage for five years, you’ll shave off 10 years by switching to a 15-year loan. These 15-year loans usually come with lower interest rates. The more the interest rate has dropped from when you first bought your home, the less your monthly payment will increase. 3. Switch from an adjustable rate to a fixed rate. Typically, an adjustable-rate mortgage has a lower initial rate than a fixed-rate loan, and after a period of time, the rate changes. When rates are low, and your adjustable-rate mortgage is about to shift to a higher rate, refinancing to a low fixed-rate mortgage can ensure that you’ll lock in an affordable rate for the life of the loan. 4. Cash in on equity to pay off higher-interest debt. If your home is worth $300,000, and you owe $200,000, you have $100,000 in equity. Cash-out refinancing lets you access some of that money to use for home improvements or to pay off higher-interest debt. Most lenders will refinance up to 80% of your home’s value for a cash-out refinance, which means you could get a new loan of $240,000. Using $200,000 to pay off your old loan, you’d have $40,000 remainingminus any closing costs or loan fees. Here’s the bottom line. Low interest rates make it tempting to refinance, but refinancing isn’t free. To make it worth your while, assess your goals first and then do the math to see if a new mortgage fits those goals.

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The average Pasadena condo sales price in Sept was $677K. Download the complete report by clicking here: https://reports3.cloudcma.com/59b39c51fb0dddca93966cae3d426

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Closing costs often come as a surprise to home buyers. Let us make the surprise a little nicer.