Steve Spiro’s Blog

If you are facing homeowners insurance cancellation or non-renewal, there are steps you can take to find affordable coverage. If you find yourself with no option other than the FAIR Plan, apply as early as possible. If your premium is becoming unaffordable, consider increasing your deductible.

The California housing market is expected to rebound in 2024, according to the California Association of Realtors. The forecast predicts an increase in home sales and prices, driven by lower mortgage rates and an increase in housing supply. However, housing affordability remains a concern, with only 17% of households able to afford a median-priced home.…

Median price of single-family homes: $660K Price change: ↑ 1.5% MoM, and ↑ 6.5% yearly Sales change: ↓ 0.9% MoM, and ↓ 7.8% yearly Median DOM: 20-day, ↑ MoM from 18-day

A VA home appraisal is a crucial part of the VA loan process, determining the property's value and its compliance with VA standards. The borrower pays the appraisal fee, which varies based on location and property complexity. The lender hires a VA-certified appraiser to assess the property and produce a detailed report. Disagreements on property…

Mortgage rates have been increasing, leading to higher mortgage payments. The average monthly mortgage payment ranges from $3,696 in Hawaii to $1,700 in West Virginia. The states with the highest mortgage payments are Hawaii, California, Massachusetts, Utah, and Colorado, while the states with the lowest payments are West Virginia, Kentucky, Michigan, Mississippi, and Ohio. Continue…

There are two options for tapping it: home equity lines of credit (HELOCs) and home equity loans. Thanks to the steady appreciation of home values in recent years, mortgage holders were sitting on … Continue to full article

Median price of single-family homes: $840K Price change: ↓ 0.4% MoM, and ↑ 5.3% yearly Sales change: ↑ 0.3% MoM, and ↓ 11.9% yearly

California Realtors add $500K, raising total grants to $2M, aiding first-time buyers in underserved areas. The program offers up to $10K to first-time homebuyers earning 120% or less of the Area Median Income.

Southern California offers affordable places to live, such as El Centro, Adelanto, and Victorville. These areas provide stunning landscapes, outdoor activities, and access to cultural events. Other affordable options include Hemet, Oxnard, and Lancaster, each with their own unique attractions. From wine country in Redlands to the beach town of Oceanside, there are affordable pockets…

California's median home value at $538,500 offers affordability. In California, closing costs avg $8,028. California's closing costs represent 1.49% of the home's value, among the highest in the nation.