Dear Moraga Estates Neighbor:
March came in like a pussy cat with little rain fall, and we are limping forward, hoping April “showers” really do arrive We do need the rain as drought has again gripped our state, with water reserves dwindling to dangerous levels. Rationing is most likely on the way.
As the war in Ukraine continues to overwhelm the world, on the home front, we are continuing to see rising inflation, gas prices, and now interest rates. The Federal Reserve recently increased interest rates, and we are now seeing mortgage rates nearing 5% level, which causes concern especially with first-time buyers. However, the share of millennial home buyers has significantly increased over the past year, with 43% of buyers in the age range (21 to 41 years), which is up from 37%. But overall, existing home sales feel in February 7.2%, continuing a pattern of ups/downs over the past few months.
According to the National Association of Realtors, housing affordability continues to be the major challenge. But in our market, the lack of inventory is really challenging buyers as home owners are reluctant to move during these high inflation times, compounded by the unknowns brought about the war in Ukraine.
With us now entering the 2nd quarter, I continued a strong sales year that I experienced in 2021, and yes, inventory also remains a challenge for all buyers. We are continuing to see multiple offers on all price points. I recently assisted one of my mentees with writing his first buyer offer on a condo in Playa del Rey which was listed in the lower sevens, and ended up with 9 offers, probably selling over $800,000!
How is real estate looking in fabulous Moraga Estates! Last year’s first quarter was somewhat of a record for listings in Moraga Estates with four (4). This year there is only one (1) Also, we found one (1) home in escrow last year, where are none this past quarter All of this is a true indigitation of the lack of inventory across the board. The buyers are out there, looking and looking and wanting to take advantage of the excellent financing programs that exist today. Please get in touch with me so we can diseuses your options. Please give me a call at 310 442-1384 or email@example.com or firstname.lastname@example.org
Looking forward to hearing from you