Monthly report · No.8
FRIDAY, NOVEMBER 22, 2024
spotlight
without you we have nothing!
Team Feature
TEAM GRATITUDE - Since our entire business model is based on referral, you are our mega phone to the marketplace and without you we have nothing!
That’s why we are doubling down in 2025 in our commitment to be your one-stop-shop for all things real estate related. Think of us as your 24-7 “Ask Me Anything” resource. We’re here for you, your friends, and family, always.
What can we do for you? To help you, here are some ideas for how we can add value to your life. And, by the way, we don’t charge for any of these services.
Do you need a recommendation to for a great roofer? How about a cleaner? How about a therapist? We spend a huge amount of time networking to ensure that we have the best resources for you.
The obvious: Do you or someone you know need a property valuation, to simply understand the current value of property, or to understand how to add value with a remodeling or interior design project? We’d be delighted to consult, do the data research, and bring solid advice and guidance.
Do you need a whole property health check? We’d be happy to visit and look for deferred maintenance, deficiencies in condition, or other issues that might need immediate attention. We can offer advice on a variety common maintenance problems and ensure that you’re seeking help from the correct tradesperson.
Do you have a family member or friend in another part of California, or in another State, seeking a realtor who shares our values and ethics? It would be our pleasure to find that realtor!!
THANK YOU FOR PUTTING US TO GOOD USE & Happy Thanksgiving!!
the state of the market
The Housing Factor
By Ehsan Habib
October is traditionally a slow month in the Real Estate market. We see new inventory hit the market in the Spring and Summer and then slow down in the Fall, allowing buyer demand to “catch up & heat up” for the New Year. While 2023 and 2024 have been notably weak markets, marked by a record low number of home sales and uneven market activity, this October shows some signs of our market approaching equilibrium.
We had a 7.6% increase in new listings YoY (526 new listings, the most since 2021) and a 17.3% increase in home sales YoY (439 sales, the most since 2021). Median Sales Price for Detached Single Family Residences is at it’s lowest since 2020. So while home values are still considerably higher than they were pre-pandemic, we are seeing more and more home sellers adjust to the reality that their homes will not sell for as much as they might have in 2021.
We always see the months supply of inventory statistic rise throughout Summer and decline in the Fall. But the fact that this October - when we anecdotally saw so many sellers pull their underperforming listings from the market to try again in the Spring, and so many buyers hold off on purchasing until after this Presidential election - that we had such a pronounced increase in home sales indicates that many home buyers and home sellers are tired of waiting for a drastic change in market conditions, and just want to move on with their lives.
The data over the next few months will be telling. Next month, we’ll have a trickle of data to indicate how our local market is performing in the wake of the 2024 Election.
In the meantime, as ever - how this data applies to your situation depends on where you own, where you are looking to buy, and, of course, your financial situation. Please do reach out anytime - we’re always happy to hear from you!
*Data is sourced from the MLS and considers detached Single-Family Homes
Post election MUSINGS
By Declan Spring
The recent election results are a lot to process. We’ve reached consensus at The Home Factor that we have only the ability with our particular skill set to bring about change one family at a time. We believe that mindful home ownership can transform lives and build inter-generational wealth. We’re committed to working with all decent people toward the dream of home ownership and stronger, more equitable communities.
Mortgage news
MORTGAGE MUSINGS
By Evelyn Freitas | VP of Mortgage Lending at Guaranteed Rate NMLS 247578
The Election Result And The Mortgage Market - Now that the election is in the rearview mirror, many of us are wondering what’s on the horizon for the economy, mortgage rates, and the real estate market. The incoming administration has promised a focus on tariffs and strict immigration policies, which is expected to trigger inflation and contribute to higher mortgage rates.
If tariffs are placed on imports, higher prices will drive inflation up at the consumer level, which would put upward pressure on rates. The cost of goods and materials may rise as well, affecting industries across the board and causing inflation at the producer level, which would also pressure mortgage rates higher. Will the economy continue to heat up and make the Federal Reserve return to a more restrictive stance, causing mortgage rates to rise again? Or, will these increased costs result in slower economic growth and lower mortgage rates?
If proposed mass deportations take place, the workforce would be reduced, particularly in sectors like agriculture and construction, driving up food and labor costs. If construction costs rise, home prices will increase, making affordability a challenge for buyers.
If these policies lead to slower economic growth, mortgage rates might not increase as sharply as some expect. Time will tell.
I'm here to help you navigate this landscape for your best benefit. Whether you're a first-time homebuyer, looking to refinance, or just curious about the market, feel free to reach out to me at 510-501-8473 or Evelyn.Freitas@rate.com to see how his information applies specifically to you.
We are The Home Factor, REALTORS®, serving clients in the San Francisco Bay Area, and beyond.
Declan Spring · Declan@thehomefactor.com
(415) 446-8591 · DRE#01398898
Denitsa Shopova · Denitsa@thehomefactor.com
(510) 220-1634 · DRE#02137852
Ehsan Habib · Ehsan@thehomefactor.com
(510) 730-4516 · DRE#02166899
GUIDING AND INSPIRING PEOPLE TO INCREASE THEIR FINANCIAL STABILITY AND LOVE OF LIFE THROUGH WELL DESIGNED HOME OWNERSHIP
The Home Factor • DRE#01398898 • Powered by Keller Willams • 2089 Rose St, Berkeley, CA 94709 • Declan@TheHomeFactor.com · (415) 446-8591