If you’re considering buying a home in a community governed by a Homeowners Association (HOA), you’re not alone. HOAs are common, offering a structured community environment with shared amenities and well-maintained surroundings. However, navigating life with an HOA can come with its own set of challenges and benefits. Here’s a handy guide to help you make the most of your HOA experience.
Real Estate News
Southern California Home Affordability Crisis: Only 15% Can Buy
Southern Californians need an annual income of $200,800 to qualify for a median-priced home of $785,000, which is more than double the national requirement of $99,600. This financial threshold has increased by 38% since early 2022 due to rising mortgage rates and home prices, driven by the Federal Reserve’s inflation-fighting measures. Southern California household incomes are only 16% higher than the national average, making home affordability a significant challenge for locals.
In early 2024, only 15% of Southern Californians could afford to buy a home, down from 24% in 2022. Nationally, the affordability rate also declined, from 47% to 37%. The average 30-year mortgage rate rose from 3.8% in early 2022 to 6.8% in early 2024, reducing buyers’ purchasing power by 28%. Consequently, the monthly cost for a typical homebuyer in Southern California increased by $1,370, or 38%, over two years.
Home sales in Southern California fell significantly, with 37,211 residences sold in the first quarter of 2024, 37% fewer than two years earlier and the third-slowest quarter since 1988. This decline in affordability and sales is consistent across the region’s counties, with significant drops in affordability and home sales below historical averages in Orange, San Diego, Ventura, Los Angeles, Riverside, and San Bernardino counties.
Source: OC REGISTER
Real Estate Intelligence
Navigating the world of home financing can be complex, especially when deciding between a mortgage broker and a mortgage banker. Understanding the distinctions between the two can help you make an informed choice that best suits your financial needs and goals.
As the effects of climate change continue to intensify, the repercussions are reverberating throughout various sectors, including the home insurance industry and the broader U.S. housing market. With each passing year, extreme weather events fueled by climate change are leaving an indelible mark on the affordability and availability of home and fire insurance across the nation.
Both pre-qualification and pre-approval help you see what your mortgage could look like and estimate how much house you can afford, but they have some important differences.
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