Agent Jason Balbuena - Turning Houses to Homes

10/10/2022

The Average Home Price is Down 2% from the June Peak Nationally

"... Median home prices in August fell 0.98%, only slightly better than July’s 1.05% monthly decline. The average home price is down 2% ($8,800) from its June peak nationally as we enter the historically slower fall-winter homebuying season.

"The housing market has not seen such a significant two-month drop in prices since shortly after the collapse of Lehman Brothers in winter of 2008, Black Knight said on Monday.

"Skyrocketing mortgage rates – now in the 7% range for some buyers – and limited inventory have driven mortgage affordability to its lowest levels since the early 1980s, a reversal from the frenetic boom in buying during 2020 and 2021."

[Housingwire]

Home prices are now posting the biggest monthly declines since January 2009, according to the latest Mortgage Monitor report from Black Knight.

09/27/2022

While it’s not free to sell your home, there’s plenty to gain! Some of these costs may not apply to you and some are optional. I can help you walk through what costs to anticipate!

09/27/2022

Both home prices and the pace of home sales are falling nationally as higher mortgage rates cool off the market.

[NPR]

The super-heated housing market is cooling off. Home prices have fallen about 6% since their peak in June. The pace of sales also fell for the 7th straight month.

08/08/2022

Just so we're clear...

08/03/2022

Pending Home Sales Tumble as More Buyers Get Priced Out

"Nearly a quarter of home buyers who purchased a home three years ago would be unable to qualify to buy a median-priced home at today’s elevated prices, NAR reports...

"Pending home sales fell in June as surging mortgage rates and record-high home prices are making home buyers more cautious in moving forward. The median existing-home price hit an all-time high in June ($416,000). Homes were 80% more expensive in June than they were in 2019, the National Association of REALTORS® reports."

Full story at Realtor Magazine.

Housing affordability is becoming a bigger obstacle in the housing market. Homes were 80% more expensive in June than they were in 2019. Read more.

06/13/2022

How to Avoid Homebuyer Regret:

Do your research (location, renovation, cost, financing options) and even if the house looks beautiful, don't blow your budget.

[REAL SIMPLE[

The majority of recent homebuyers have at least one regret—here's what you should know before you buy.

03/29/2022

What we could once just call a highly competitive housing market has turned downright ugly with rapidly rising rates and already expensive home prices still ticking upward. What’s causing the volatility and is there any end in sight? Get the latest on what’s happening inside our Market Update:

03/24/2022

What’s on the top of your list? Questions about finding the right home? Message me – I can help no matter where you are in the homebuying process!

02/22/2022

Home Sales Surged in January

"Home buyers appeared in a rush to lock in mortgage rates ahead of further increases and to take advantage of any housing inventory they could find last month. Existing-home sales climbed 6.7% in January compared to the prior month, led by the strongest gains in the Southern region of the U.S., according to the National Association of REALTORS®’ latest existing-home sales report.

"Sales rose even as housing inventories fell to an all-time low and home prices increased at a much swifter pace, NAR reports".

See the story in Realtor Magazine.

Sales climbed last month even as housing inventories fell to an all-time low and home prices rose at a swifter pace. Read more from NAR’s latest housing sales report.

01/12/2022

I don't believe Omicron will halt or slow this market down. This variant isn't as severe and seriously life-threatening as it's predecessors, even if it's more contagious. We've been at this for over a year and we all should understand the risks and protocols at this point.

The homebuying and selling season typically kicks off right now. Will the newest stage of the COVID-19 pandemic wreck the market? Here's the scoop.

08/30/2021

🎉 Congrats to my seller clients for selling their house!

My first house sold! This was an experience and a grand adventure that had it's fair share of twists and turns. Working with multiple family members on the seller's side and also representing the buyer on this sale. The sellers, buyers, and I stuck through it and eventually got to the finish line to close it out.

👨‍💼 Having this be my first deal to finish, as exhausting as it was, it will forever be an experience to grow on. I've learned a lot representing both buyer and seller on this one. Negotiating for both sides, making sure everyone was on the same page at all times, guiding everyone through disputes and finding solutions together. I'm glad we pulled through until the end leaving everyone satisfied with the results.

🏡 Now that this one has closed, new adventures in real estate await.

🙋‍♂️ Who am I to help next? It could be you!

📞 Contact me today for a free real estate consultation and let's see if I can help you reach your real estate goals.

07/05/2021

Interest Rates Fall Below 3% Again

“Economic growth remains steady and is bolstering more segments of the economy,” says Sam Khater, Freddie Mac’s chief economist. “Although low and stable mortgage rates have kept the housing market booming over recent months, a deterioration in affordability and for-sale inventory has led to a market slowdown.”

Freddie Mac reports the following national averages with mortgage rates for the week ending July 1"

Story in Realtor Magazine.

Though low rates have contributed to high buyer demand, affordability is holding the market back, according to Freddie Mac.