My New Blog

Ok, Today the California Association of Realtors, announced a prediction of "a 22.9 % increase in existing single family home sales totaling 327,100 units in California for 2024".

The Median Home Price in California is expected to increase by 6.2 % reaching  $860,000 in 2024.

Housing affordability is projected to remain stable and Mortgage Interest rates could reach mid 5% on 30 year fixed rate mortgages by the end of 2024 as per The California Association of Realtors Insight Forecast. 

End of 2024 year (Code) to me means during a Presidential Election Year even in the first quarter of 2024 rates should be lower with both a Refinance Market and more homes to be placed on the market when the mortgage rates drop for buyers.

Its going to be a busy market for real estate professionals and for buyers as long as the rates come down. Also consider Variable rates which stay fixed for 7 years then  adjust. All you do is refinance to another variable or fixed rate when the time comes to save money on your mortgage.