California Housing Affordability on the Decline- Why You’ll Want to Consider Buying Now on Lake Nacimiento

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If you’ve been considering buying a home in Oak Shores or Heritage Ranch, you’ll want to seriously consider taking the next step sooner rather than later.  There are a number of beautiful homes on Lake Nacimiento, but with recent changes to the national housing market; you’ll want to act quickly!

In California alone, the affordability of homes has decreased over the last quarter.  Studies from the California Association of Realtors showed that thirty-six percent of the states residents could afford a single-family home at the states median price in the second quarter.  This is a drastic difference from the proposed forty-four percent who could afford the same in the first quarter.

So, what determines a homes’ affordability?  The two major factors are listing price and mortgage rates.  As we’ve seen this year, the demand has been greater than the supply, which is allowing sellers to raise the price of their home.  While this is great news for sellers, buyers are having to pay a little more to avoid being outbid.

The second factor is mortgage rates.  Even if home prices do eventually level out, the rise in mortgage rates doesn’t appear to be slowing down anytime soon.

A recent report from a Freddie Mac Primary Mortgage Market Survey noted interest rates on 30 year fixed rate loans were at record lows at 3.5 percent at this time last year and even went as low as 3.31 percent last November.

These historic lows, however, have recently started to climb and have jumped up to more than 4.5 percent, which hasn’t been seen in over two years!  The survey went on to point out that at the end of June of this year, rates jumped almost .5 percent which posed the largest week-over-week increase in more than a quarter century.

What does this mean for you?  If you’re considering buying; now is a great time to do so!

As an experienced Lake Nacimiento Real Estate agent, I would be happy to sit down and talk with you more about the home buying process and the current Lake Nacimiento Real Estate marketBuying a home on Lake Nacimiento is exciting, but a large decision that should be weighed carefully to ensure you’re getting exactly the home you’re after on our beautiful shores.

Please feel free to contact me today to get started!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

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