Category: Uncategorized
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5 States Where Homebuyers Could Save More Than $100K by Comparison Shopping for a Mortgage
High mortgage rates are preventing many from buying homes. A LendingTree study found that borrowers could save an average of $76,410 over a 30-year loan by comparing rates from different lenders. The savings could exceed $100,000 in five states, and even in lower savings states like South Dakota, over $35,000 could be saved. Continue to…
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The Future of California’s Insurance Market
The changing climate makes it difficult for insurers to make a profit with current pricing models. Frequent wildfires and rainstorms are causing insurance companies to leave California.
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Mortgage Rates Move Down; Home Sales and Prices Move up
Mortgage rates decreased then slightly increased, while consumer inflation trended down and retail spending cooled. California's median home price hit a record high, signaling a strong housing market. U.S. consumer prices rose less than expected, potentially leading to a rate cut. California's housing market is starting well, with increased sales and prices. Continue to full…
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California’s Avg Home Insurance Cost in Early Q2
The avg cost of homeowners insurance in the US is $1,915/yr for $300K worth of dwelling coverage. California has a lower avg insurance cost of $1,250/yr, translating to $104/mo.
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Why Are Mortgage Rates Stuck at Such High Levels?
The current average 30-year mortgage rate is 7.09%, leading to fewer buyers due to high costs and elevated home prices. Mortgage rates have increased significantly since 2022, but the Federal Reserve plans to cut rates in 2024, potentially lowering mortgage rates. To secure the best mortgage rate, shop around, improve credit score, and keep debts…
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California Construction Slowdown Threatens to Exacerbate Housing Crisis
California's housing construction is slowing down due to several factors. Rising labor and material costs, strict regulations, and high borrowing costs make it difficult for developers to make a profit.
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California First-Time Home Buyers: Claim $150K Vouchers!
The California Dream For All Shared Appreciation Loan program's Round 2 offers up to 20% of home purchase price in down payment assistance. $250M in state funds will be distributed through a random selection process.
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Top California Spots to Put Down Roots With Your Family
5. Santa Clarita Median household income: ~$106K Median rent price: ~$3.2K Avg property tax: 0.82%4. Redwood City Median household income: ~$134K Median rent price: ~$3.4K Avg property tax: 0.73%
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Amid High Interest Rates and Inflation, American Homeowners Would Rather Renovate Than Buy a New Home
55% of U.S. homeowners prefer renovating their current homes over moving or keeping them as is. High interest rates are impacting decisions, with many homeowners waiting for rates to drop before considering buying. Different generations have varying attitudes towards home renovations and finances. Continue to full article
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Homeowners Spend Nearly $18000 a Year on Costs Aside From Their Mortgage
A survey by Real Estate Witch reveals that homeowners spend an average of $17,958 annually on expenses beyond mortgage payments. Many new homeowners underestimate the true costs of owning a home, leading to financial strain and sacrifices. It is advised to budget for maintenance, renovations, property taxes, and utilities to avoid financial difficulties. Continue to…