Steve Spiro’s Blog

Residents in San Benito County affected by the severe storms and flooding that started on February 21 can apply for temporary rental assistance from FEMA. The first two months of rental assistance is provided without having to provide rental receipts. Extensions on rental assistance may be granted for three-month periods at a time, up to…

The Orange County housing market is experiencing a unique set of circumstances that have caused a severe inventory shortage, with record-low levels of available homes. This shortage, combined with a decrease in new sellers and the impact of mortgage rates, has made the market highly competitive and fast-paced. As the economy cools, mortgage rates may…

Manufactured homes are becoming more popular due to their affordability, customization options, quick construction, energy efficiency, and quality control. However, some potential drawbacks include depreciation, land considerations, and limited design options. Continue to full article

The housing market may look different for 2nd-time homebuyers than for first-time buyers. Sourcing a down payment may be harder, but selling your current home can provide funds. 2nd-time homebuyers should research different mortgage qualification programs. Consider working with a Real Estate agent who has experience with second-time home buyers.

Hawaii ranked first with 31.8% of households spending > 30% on housing. Hawaii is also the most expensive state to buy a home, attributed to limited land for development. Other states with high percentages of homeowners with housing cost burdens: California: 29.7% New Jersey: 28.5% New York: 26.4% Connecticut: 26.2% Massachusetts: 25.5% Florida: 24.9% Oregon:…

The spring Real Estate market can be tricky and to navigate it successfully, sellers need to be aware of trends and work with an experienced agent.Lack of inventory creates a competitive market, and it can drive up prices and lead to bidding wars. Pricing competitively, making repairs and staging the home can increase chances of…

The Newsom administration in California has reported that the state has added 123,350 new homes to its housing stock, the highest rate since the Great Recession. This is a significant increase from the previous year and shows that the state is making progress in addressing its housing shortage. Continue to full article

The Orange County housing market has cooled due to rising mortgage rates and economic uncertainty. The number of $1 million ZIP codes has decreased from 46 to 38 in the past year, while the number of "affordable" neighborhoods has increased from 11 to 14. The median selling price for the county has fallen by 3%,…

The NAHB/Wells Fargo Housing Market Index (HMI) saw a significant increase of 5.0 points to 50.0 on May 16, 2023, the highest score since July 2022. This increase in builder confidence is due to the limited supply of existing homes, leading to a focus on new construction. Despite this, the industry still faces challenges such…

The Fed enacted its 10th rate hike, hinting it may be the last, depending on incoming data and economic uncertainty. The labor market remains solid, adding more jobs than expected in April, but job openings suggest labor shortage is beginning to normalize. Construction spending increased, but residential spending dipped for the tenth consecutive month due…