Happy Monday with Dean and Crystal...
-On September 22, 2021-the first day of Fall in the Northern Hemisphere-the length of day and Night will be approximately equal at 12 hours each. Then, days will keep getting shorter until December 21 (womp).
-The Chipotle of Homebuilding…Instead of BYOB, Lennar and KB Home, two of the largest homebuilders in the US, help you build-your-own-home.
-Coffee chain, Dutch Bros just IPO’d to challenge Starbuck’s and Dunkin’ on the public java market…the Dutch secret isn’t baristas…it’s ‘Broistas’.
-The end of mortgage forbearance is approaching-here’s what to watch for:
For the week of September 20, the median price of detached single-family homes in the US rose from last week’s price of $365,000 to $389,000. That’s an 11% YOY (Year over Year) gain.
What’s the relevance of that…besides that the American homeowner is feeling very comfortable as their equity position grows…it also directly affects the mortgages that are exiting forbearance, meaning that we expect that very few, if any… homeowners will be in a position that they will have to sell or go to foreclosure…in a distressed position.
When the mortgage payment holiday ends…some may choose to sell versus re-negotiating their mortgage and will still walk away with equity.
Bottom line-these numbers also tell us that buyers are still gobbling up inventory as fast as they can.
The median price of the new listings is also up, at $365,000. This is a number that we will keep our eyes on over the next few months…If demand is weak, we’ll see this number ratchet down quickly.
Inventory went up a bit from last week to 436,457 homes available for sale…nothing too alarming, here…and still no sign of a bubble…
Stay tuned for next week’s edition of Happy Monday…and if you just can’t wait for more, just call, text, email one of us and we would loooove to connect with you.
TTFN (Ta-ta for now)!
Warmly, Dean
Dean & Crystal Souza
Realtor | Broker Associate
Century 21 RE Alliance – Souza Team
homes@souzateam.com
510-881-1761
DRE 00967442 | 01448392
Focused on the Success of Your Move
This is not intended to solicit properties or persons under contract.
