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February
1

CALIFORNIA AVOCADO COMMISSION UNVEILS SEASON FORECAST AND MEDIA STRATEGY

The California Avocado Commission has forecast 257 million pounds of avocados for the 2022-23 harvest season, a slight decrease from last year's volume.
The California Avocado Commission has forecast 257 million pounds of avocados for the 2022-23 harvest season, a slight decrease from last year's volume.
(Photo courtesy California Avocado Commission)

The California Avocado Commission forecasts a 2022-23 harvest of about 257 million pounds of avocados for its California crop. The early season assessment is down from 276 million pounds in the 2021-22 season.

"The recent California rainfall has been welcomed by our growers throughout all districts," Jeff Oberman, president of CAC, said in a news release. "Growers have related increased sizing and crucial replenishing of water sources during my recent visits to all production regions. We do not yet know if there will be any change to the expected harvest timing, however, excitement is building from our retail partners for the kickoff of the California season."

The majority of California's avocado harvest — 243 million pounds — is expected to be the hass variety. The remaining forecast includes a harvest of 7 million pounds of lamb hass avocados, 6 million Gem avocados and about 1 million pounds from other commercially grown varieties in California.

Related news: Guacamole touchdown: Avocados poised to win over Super Bowl shoppers

Weather and market conditions are key factors that determine when California avocado growers will begin harvesting. Some growers may delay picking to allow the avocados more time to increase in size. Oberman said in the release that there will likely be some avocados harvested in time for the Super Bowl mid-February, with limited volume available for local promotions.

California avocado volume is expected to begin ramping up in March, with peak availability from April through July. Volume is expected to taper off through Labor Day, according to the release.

MEDIA PLAN FOR AVOCADO SEASON

"The Commission's media plan and new creative executions are in development with an expected launch in April," Oberman said in the release. "We are eagerly anticipating peak California avocado season in the spring and summer months with additional volume for promotions and customized marketing support."

This year CAC is continuing its advertising campaign, "the best avocados have California in them," but adding new creative executions to keep communications fresh, the commission said. Content will include California avocado tips, grower spotlights and new creative videos that demonstrate what's unique about California avocados.

Customized retail and foodservice promotions with targeted customers are key components of California avocado marketing support and will include recipe and video content on social media platforms.

During the avocado harvest season, the CAC geo-targets consumers near stores that offer California avocados to keep the fruit top of mind, according to the release.

Additionally, CAC's social media program runs year-round but ramps up leading into the season. According to the release, this year's CAC social media strategy includes:

  • In February, activity with targeted and promoted retailer content supports the early harvest.

  • In March, as California avocado supply continues to increase, social efforts will gain momentum with support across multiple channels.

  • Throughout the season, CAC will showcase California avocado recipes, tap into cultural moments and reinforce the California difference through education and entertainment.

 

February
1

Housing market: Will home prices drop in 2023 in California?

It will be fascinating to watch where housing values are in late January after a month of heavy rainfall in Northern California.

Update:
Goldman Sachs sees 2008-style drop in home prices for these four markets

In order to help people plan for the next year, the California Association of Realtors publishes the California Housing Market Forecast every December. According to the C.A.R., this year's housing market is weaker than usual because a combination of factors (including a slight recession and persistently high-interest rates) is reducing homebuyers' capacity to purchase new properties.

According to data released by C.A.R. in December, property prices in California decreased. But January's most recent numbers indicate prices are again finding support. We can only speculate that housing values would fall much lower given the high expenses of repairing and recovering from the effects of floods, coastal erosion, mudslides, tree falls, company closures, and other disasters.

This is still a problem with homes. Buyers can't afford California's high property prices despite pent-up solid demand. As a result, many people have departed for places where housing is far more affordable. Fewer purchasers are predicted over the next three to six months as unemployment rises and firm profits fall (the tech industry continues to take a blow).

Instability with the FED and inflation likely to affect housing prices

Greater consumer confidence is at odds with persistent price increases and the Federal Reserve's likely inability to reduce interest rates. But do you think it will put off Californian consumers? There is always a high demand for goods and services in California.

California's real estate agents and homebuyers may celebrate a 1.1% increase in sales from November to December. In addition, for the fourth month in a row, home prices have fallen, with December's decrease of 4 percent from November's median price of $774,580, marking yet another monthly low. The cost has dropped by 2.8% since December of last year.

Even though house prices have increased in many parts of California, home sales will continue to fall. Such as:

  • The median price of a property in Los Angeles County increased by 0.6% in October to $854,280, while sales fell by 39.8%.
  • In October 2022, the median price in San Bernardino County will be $465,000, up from the previous month's median price of $435,000.
  • The typical home price in San Diego County increased to $860,000 in October 2022, a 1.2% increase over the previous month.

In particular, bigger counties like San Diego County would feel the effects of increased mortgage rates and property prices more strongly than the statewide median price.

Even while the housing market is evolving and the Zillow house value index is altering in many locations, many other experts are advocating for a slower increase in property prices than we have seen since the COVID-19 pandemic.

January
23

https://avocadomonthly.com

January
23

8 Places in California Where Home Prices Have Plummeted

January
18

California Mortgage and Refinance Rates

As of Wednesday, January 18, 2023, current rates in California are 6.55% for a 30-year fixed and 5.84% for a 15-year fixed.

We'll help you find California mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

Showing results for: Single-family home, 30 year fixed and 5 year ARM mortgages with all points options.

Lender Rate
APR
Upfront costs
Mo. payment
as of January 18, 2023
Visit Optimum First Mortgage Inc. site

NMLS #240415 | State Lic: 01525044

5.0

5.000%

6.304%

$1,933

Visit Optimum First Mortgage Inc. site

NMLS #240415 | State Lic: 01525044

5.0

5.000%

5.166%

$1,933

Visit WesLend Financial site

NMLS #3304

5.125%

5.321%

$1,960

Visit Sage Mortgage site

NMLS #1374724 | State Lic: 60DBO87037

4.8

5.250%

5.407%

$1,988

Visit Allied Mortgage Group, Inc. site

NMLS #1067 | State Lic: 6038575

4.9

5.375%

5.454%

$2,016

Visit Mortgage Passport site

NMLS #449401

4.9

5.390%

5.562%

$2,019

Visit WesLend Financial site

NMLS #3304

5.500%

6.702%

$2,044

Star One Credit Union

5.750%

5.753%

$105

$2,101

Star One Credit Union

5.000%

7.123%

$105

$1,933

Union Bank

6.250%

6.270%

$771

$2,217

Schools First FCU

6.125%

6.151%

$995

$2,187

Schools First FCU

5.125%

7.395%

$995

$1,960

Current mortgage rates in California

After hitting record lows in 2021, mortgage rates have risen sharply in 2022. The higher rate environment means housing affordability, already a challenge in California's high-priced real estate market, presents an even higher hurdle.

One silver lining: Rates on jumbo mortgages have been below rates for conforming mortgages, so Californians who need to borrow more than $1 million can do so at favorable rates.

Refinance rates in California

While interest rates no longer are at historic lows, you might be able to do a cash-out refinance to pay for renovations. You can use Bankrate's mortgage refinance calculator to run the numbers.

How to find the best mortgage rate in California for you

Shopping around for a mortgage is crucial. By comparing at least three offers, borrowers can save thousands of dollars over the life of a loan. Bankrate can help you find the best mortgage deal in today's volatile rate environment.

  • Why trust Bankrate's mortgage rates

Mortgage options in California

Home to three of the 10 largest cities in the country, it's no surprise that many want to plant roots in the Golden State. When it comes to mortgages in California, you have plenty of options. Here are some common loan types:

  • California conventional mortgages: Rates and requirements will vary depending on the area you want to live in and your financial situation. You can compare mortgage rates to find the option that's right for you.
  • CalHFA: The California Housing Finance Agency (CalHFA) offers state residents access to mortgages, as well as smaller loans designed to help with a down payment or closing costs. To get started, borrowers can contact a CalHFA-approved lender or preferred loan officer.
  • California FHA loans: Home loans backed by the Federal Housing Administration (FHA) are offered throughout the U.S. While the FHA doesn't offer loans directly, you can find one through an FHA-approved lender in California. They are offered to first-time homebuyers, defined as those that have not purchased a home in the past two years, as well as repeat buyers. FHA loans are generally designed for low- to moderate-income borrowers with lower credit scores.
  • California VA loans: Backed by the Department of Veterans Affairs, VA loans are offered to eligible veterans and active-duty service members. While the VA doesn't offer loans directly, you can find one through a VA-approved lender in California. They require no down payment and typically have lower interest rates than conventional mortgages.

First-time homebuyer programs in California

First-time homebuyers in California have access to assistance in the form of grants and programs. Learn more about California first-time homebuyer programs.

  • CalHFA down payment assistance programs: Low- to moderate-income borrowers can apply for small down payment and closing costs assistance loans through CalHFA. One option is the MyHome Assistance program, which allows you to borrow a deferred loan worth up to 3.5 percent of the purchase price or appraised value to help you cover closing costs and the down payment.
  • CalHFA and CalPLUS Conventional Loan Programs: With the CalHFA Conventional Loan Program, you can get a 30-year fixed-rate mortgage on the conventional market. This means you'll have access to competitively low interest rates, but you'll also need to meet qualification requirements. The CalPLUS Conventional Loan Program is similar, but with a slightly higher interest rate that can be combined with the CalHFA Zero Interest Program to help pay closing costs.

Article belongs to Current California rate 

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