Did I miss the Market?
Recently I’ve had a few friends ask me “Hey Ron, Did I miss the opportunity to sell my home”? And I say “No”.
Here’s why. I haven’t done this in a while, but I’m going back to my sample area… from Avenue ‘J’ to Avenue ‘K’ and from 20th Street west to 40th Street west in Lancaster CA 93536.
Using the above sample area, from June 1st through September 29th 2019 the average sales price was $351,605.00 and from June 1st through September 29th 2022 the average sales price was $502,561.00… this is almost a 43% increase in home value in a 3-year period. Crazy, Right!! So, even if the home prices go down a bit, anyone that owned a home prior to May 30th 2019 has a ton of equity in their home.
I track areas (similar to the sample above) in other parts of California and across the US, and I’ve found that although the numbers may not be exact, they are very similar.
One thing to be aware of in our current market is this, the interest rates have a huge affect on the amount of activity in home sales. As of the writing of this newsletter (9-29-2022), the 30-year fixed rate on an 80% conventional loan with a FICO score above 740, the interest rate was 6.82% with a cost of 0.17%. Homes are still selling. If a home is not selling, the price will have to be adjusted down.
FUN FACT: Along with the changing color of leaves, October is also known as the best harvesting month (at least in the Northern hemisphere) and the crops include apples, corn, grapes, onions, potatoes and of course… Pumpkins.
If you have any questions on the above information, feel free to call, text or email me, I’m always here for you.
Sincerely
Ron Hier
