Realty World - Sierra PropertiesLicense #: 00319644

Realty World - Sierra PropertiesLicense #: 00319644

Realty World - Sierra Properties's blog

Interest in Vacation Homes Continues to Surge

The pandemic has made Americans more interested in buying a second home. Online search traffic for vacation homes has reached a five-year high, according to a recent analysis by Point2Homes.com. We have found requests for houses for sale in our Sierra Foothills has really increased.

Record-High Lumber Costs Drive Up New-Home Prices

Shoppers seeking newly constructed homes are facing sharply increased prices as the cost of lumber has soared to record highs. Many buyers are finding themselves priced out of the new-home market, builders say.

Recent price spikes in lumber have added more than $16,000 to the typical cost of a new single-family home. The multifamily sector is also feeling the impact, with the typical apartment seeing an increase of more than $6,000, according to data from the National Association of Home Builders.

Home Loan Rates Are Sinking Close to All-Time Lows

The low rates are turning into a boon for the housing market. The National Association of REALTORS® reported this week that housing contract signings in August jumped 24% year over year. Pending home sales are exceeding pre-pandemic levels, with all four major regions of the U.S. posting higher sales activity.

Mortgage Rates Edge Up, Still Near Record Lows

Mortgage rates ticked up this week but still remain under a 3% average and near historical lows. Freddie Mac reported the 30-year fixed-rate mortgage averaged 2.90% this week. The all-time low for rates was set in mid-September, averaging 2.86%.

Mortgage Rates Edge Up, Still Near Record Lows

Mortgage rates ticked up this week but still remain under a 3% average and near historical lows. Freddie Mac reported the 30-year fixed-rate mortgage averaged 2.90% this week. The all-time low for rates was set in mid-September, averaging 2.86%.

As Fall Hits, Home Buying Frenzy Remains in Full Swing

Mortgage demand continues to climb as a buying frenzy extends beyond traditional seasonal patterns in real estate. Mortgage applications to purchase a home are now 25% higher than a year ago, the Mortgage Bankers Association reports.

First-Time Buyers Rush to Lock in Low Mortgage Rates

Record low mortgage rates are drawing a new wave of first-time home buyers to the market, Freddie Mac reports. “In August, activity among first-time home buyers rose 19% from July to the highest monthly level ever for Freddie Mac,” says the mortgage giant’s Chief Economist Sam Khater, adding that the rebound “has come at a critical time for the economy.”

Mortgage Rates Move Lower This Week

“Mortgage rates have drifted down for two weeks in a row and that drop reflects improvements in market liquidity and sentiment,” says Sam Khater, Freddie Mac’s chief economist. “While the market has stabilized relative to prior weeks, home buyer demand has declined in response to current economic conditions. The good news is that the pending economic stimulus is on the way and will provide support for both consumers and businesses.”

Freddie Mac reports the following national averages for the week ending April 2:

Plant a ‘Victory Garden’ This Spring

“Victory gardens”—vegetable gardens first popularized during World War I—are making a comeback amid the coronavirus pandemic. These gardens can be big or small, sprawling across yards and rooftops or tucked in several small pots.

Forgivable Small Business Loans to Bring Relief

The U.S. Small Business Administration is gearing up for what’s being called an “unprecedented" level of funding soon to be available under the new Paycheck Protection Program.

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