Posts from November 2018

Visual and Financial Impact: Bathroom Remodels that Drive Value

An average bathroom remodel costs around $10,000. However, it's possible to budget a remodel, with plenty of return on investment, for as little as $3,500. In fact, a bathroom remodel can produce some of the highest home-resale value, making it an especially popular place to upgrade among those looking to put their house on the market. If this sounds like you, start listing the alterations and improvements you want to make, pricing them, and talking with contractors (unless you plan to make this  DIY project). Once you have the basics mapped out, you will be able to use the following tips to ensure your bathroom remodel upgrades drive the most value possible.

Budgeting

If your aim is to focus on budget items that make a real difference in your bathroo...

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Third quarter housing affordability

• Twenty-seven percent of California households could afford to purchase the $588,530 median-priced home in the third quarter of 2018, up from 26 percent in second-quarter 2018 and down from 28 percent a year ago.
• A minimum annual income of $125,540 was needed to make monthly payments of $3,140, including principal, interest, and taxes on a 30-year fixed-rate mortgage at a 4.77 percent interest rate.
• Thirty-five percent of home buyers were able to purchase the $479,390 median-priced condo or townhome. An annual income of $102,260 was required to make a monthly payment of $2,560.

LOS ANGELES (Nov. 1) – More Californians could afford to purchase a home in the third quarter as flat home prices and stable interest rates combined to improve California housing affordability, the CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) said today. 

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in third-quarter 2018 edged up to 27 percent from 26 percent in the second quarter of 2018 and was down from 28 percent in the third quarter a year ago, according to C.A.R.'s Traditional Housing Affordability Index (HAI). The index has been below 30 percent for five of the past eight quarters. California's housing affordability index hit a peak of 56 percent in the first quarter of 2012. 

C.A.R.'s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The index is considered the most fundamental measure of housing well-being for home buyers in the state. 

A minimum annual income of $125,540 was needed to qualify for the purchase of a $588,530 statewide median-priced, existing single-family home in the third quarter of 2018. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $3,140, assuming a 20 percent down payment and an effective composite interest rate of 4.77 percent. The effective composite interest rate in second-quarter 2018 was 4.7 percent and 4.16 percent in the third quarter of 2017.  

Conversely, housing affordability for condominiums and townhomes fell in third-quarter 2018 compared to the previous quarter with 35 percent of California households earning the minimum income to qualify for the purchase of a $479,390 median-priced condominium/townhome, down from 36 percent in the second quarter. An annual income of $102,260 was required to make monthly payments of $2,560.

Compared with California, more than half of the nation's households (53 percent) could afford to purchase a $266,900 median-priced home, which required a minimum annual income of $56,930 to make monthly payments of $1,420. 

Key points from the third-quarter 2018 Housing Affordability report include:

• Housing affordability improved from third-quarter 2017 in 10 tracked counties and declined in 33 counties. Affordability in five counties remained flat.
• In the San Francisco Bay Area, affordability improved from a year ago in San Francisco and Marin counties, primarily due to higher wages. Affordability fell in six counties (Alameda, Contra Costa, Napa, San Mateo, Solano, and Sonoma). Affordability held steady in Santa Clara County.
• In Southern California, affordability improved only in Ventura, and dropped in four counties (Orange, Riverside, San Bernardino, and San Diego) compared to a year ago. Affordability in Los Angeles County was unchanged.
• In the Central Valley, Fresno and Madera counties saw an improvement in affordability from third-quarter 2017. Housing affordability decreased from a year ago in eight counties (Kings, Merced, Placer, Sacramento, San Benito, San Joaquin, Stanislaus and Tulare). Affordability held steady only in Kern County.
• In the Central Coast region, only Santa Barbara experienced a year-to-year improvement in affordability, while three counties (Monterey, San Luis Obispo, and Santa Cruz) posted a decline.
• During the third quarter of 2018, the most affordable counties in California were Lassen (67 percent), Kern and Kings (51 percent), Tehama (49 percent) and Yuba (48 percent).
• Mono (11 percent), Santa Cruz (12 percent), San Mateo (14 percent), San Francisco (15 percent), and Santa Clara (17 percent) counties were the least affordable areas in the state.

Housing Affordability slides (click link to open)

Affordability peak versus current 
Annual required income peak vs. current
Monthly PITI peak versus current
Affordability by region peak versus current
Housing affordability by county 

See C.A.R.'s historical housing affordability data.
See second-time buyer housing affordability data.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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CALIFORNIA ASSOCIATION OF REALTORS®
Traditional Housing Affordability Index
Third quarter 2018

r = revised
NA = Not available

We have avocado all year around, call us or find us www.avocadomonthly.com avocados come straight of the tree and shipped to you the same day! 

California Avocado season is certainly an exciting and delicious time – but when exactly does it occur? 

Although you may see avocados in stores all year round, it's important to know that California Avocados are not available all year round. Each year, California Avocados are in season from spring through summer/early fall, with the bulk of the fruit...

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Its always best to hire a Professional Realtor to help you sell your house, call us, Sunshine Properties Real Estate 760-728-8855