Steve Spiro’s Blog

Property taxes are an important factor to consider when buying a home, as they can be more expensive than mortgage payments and can increase over time. Different counties and states have different rates for property taxes, so potential homeowners need to research what the taxes will be in the area they are considering buying in.…

Property analysts predict that home prices will ↓ an avg of 2.8% in 2023. That is less than the 4.5% drop predicted earlier. That is also despite the aggressive tightening cycle by the Fed. The tight supply of homes is the main factor contributing to the resilience of home prices.

The DOM for existing homes have fallen back to 22 days. The low DOM could result from either a housing credit boom followed by a bust or a shortage of homes. There hasn't been a massive credit boom as purchase application data remains low, indicating a lack of credit expansion.

The spring homebuying season of 2023 is expected to be a dud due to persistently high mortgage rates, tight inventory issues, and an impending recession. The median existing-home sales price has declined for the second consecutive month, which is a promising sign for home shoppers, but substantial nationwide price declines are unlikely. The Federal Reserve…

1. Real Estate is always going to be in demand. 2. Favorable prices can lead to larger gains. 3. Real Estate can provide cash flow. 4. Real Estate is accessible for everyone.

Forbes Advisor reports that the California real estate market is facing challenges due to higher mortgage rates and rising inflation. Despite these obstacles, the housing market remains largely healthy in the Bay Area and Southern California. Home prices vary across the state, but many markets are transitioning from a seller's market to a more neutral…

The California Association of Realtors reported in May that home sales rose to the highest level in eight months and the statewide median price remained above $800,000. The San Francisco Bay Area experienced the biggest sales lag and price drop compared to the same time last year, but month-over-month sales and prices bounced back in…

1. Prepare your budget. 2. Don’t expect prices to crater. 3. Be prepared to negotiate.

Home purchase sentiment slightly improved in March, but remains near all-time lows. Many think it's a good time to buy a home. More respondents believe home prices will go up in the next 12-mo, creating affordability constraints. Home selling sentiment improved as more feel secure about job loss.

The withdrawal of insurance policies by major companies like State Farm, Allstate, and AIG due to the increasing risks caused by climate change, such as flooding and fires, has had a major impact on individuals in California, including homeowners, homebuilders, and would-be home buyers. To help, United Policyholders and the FAIR Plan offer resources to…