Source: keepingcurrentmatters.com Even though activity in the housing market has slowed from the frenzy we saw over a year ago, today’s low supply of homes for sale is still a sellers’ market. But what does that really mean? And why are conditions today so good if you want to list your house? It starts with the number of homes available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers. What Does This Mean for You? When the supply of homes for sale is as low as it is right now, it’s much harder for buyers to find one to purchase. That creates increased competition among purchasers and keeps upward pressure on prices. And if buyers know they’re not the only one interested in a home, they’re going to do their best to submit a very attractive offer. As this happens, sellers are positioned to negotiate deals that meet their ideal terms. Lawrence Yun, Chief Economist at NAR, says : “Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.” Right now, there are still buyers who are ready, willing, and able to purchase a home. If you list your house right now in good condition and at the right price , it could get a lot of attention from competitive buyers. Bottom Line Today’s sellers’ market can be a great time for homeowners ready to make a move . Listing your house now will maximize your exposure to serious, competitive buyers. Connect with a local real estate professional to jumpstart the selling process. ----- Source: keepingcurrentmatters.com

Some Highlights Since inflation is increasing the cost of goods and services, it may make sense to look for an energy-efficient home. Energy prices have increased over the last year, so look for energy-efficient features in your home search. If you’re looking to buy a home this year, work with a real estate expert so you have a partner to help you consider which features are most important to you. ----- Source: keepingcurrentmatters.com

The National Association of Realtors (NAR) is set to release its most recent Existing Home Sales (EHS) report tomorrow. This monthly release provides information on the volume of sales and price trends for homes that have previously been owned. In the upcoming release, it’ll likely say home prices are down. This may seem a bit confusing, especially if you’ve been following along and reading the blogs saying home prices have hit the bottom and have since rebounded . So, why would this say home prices are falling when so many other price reports say they’re going back up? It all depends on the methodology of each one. NAR reports on the median home sales price, while some other sources use repeat sales prices. Here’s how those approaches differ. The Center for Real Estate Studies at Wichita State University explains median sales prices like this: “ The median sale price measures the ‘middle’ price of homes that sold, meaning that half of the homes sold for a higher price and half sold for less . . . For example, if more lower-priced homes have sold recently, the median sale price would decline (because the “middle” home is now a lower-priced home), even if the value of each individual home is rising.” Investopedia helps define what a repeat sales approach means : “ Repeat-sales methods calculate changes in home prices based on sales of the same property , thereby avoiding the problem of trying to account for price differences in homes with varying characteristics.” The Challenge with the Median Home Sales Price Today As the quotes above say, the approaches can tell different stories. That’s why median home sales price data (like EHS) may say prices are down, eve n though the vast majority of the repeat sales reports show prices are appreciating again . Bill McBride, Author of the Calculated Risk blog , sums the difference up like this: “ Median prices are distorted by the mix and repeat sales indexes like Case-Shiller and FHFA are probably better for measuring prices.” To drive this point home, here’s a simple explanation of median value ( see visual below ). Let’s say you have three coins in your pocket, and you decide to line them up according to their value from low to high. If you have one nickel and two dimes, the median value (the middle one) is 10 cents. If you have two nickels and one dime, the median value is now five cents. In both cases, a nickel is still worth five cents and a dime is still worth 10 cents. The value of each coin didn’t change. That’s why using the median home sales price as a gauge of what’s happening with home values may be confusing right now. Most buyers look at home prices as a starting point to determine if they match their budgets. But most people buy homes based on the monthly mortgage payment they can afford, not just the price of the house. When mortgage rates are higher, you may have to buy a less expensive home to keep your monthly housing expense affordable. That’s why a greater number of ‘less-expensive’ houses are selling right now – and that’s causing the median home sales price to decline. But that doesn’t mean any single house lost value. When you see the stories in the media that prices are falling later this week, remember the coins. Just because the median home sales price changes, it doesn’t mean home prices are falling. What it means is the mix of homes being sold is being impacted by affordability and current mortgage rates . Bottom Line For a more in-depth understanding of home price trends and reports, reach out to a local real estate professional. ----- Source: keepingcurrentmatters.com

Some Highlights According to a recent Gallup poll, real estate has been voted the best long-term investment for 11 years in a row, beating gold, stocks, bonds, and more. Owning real estate means more than just having a home—it’s an investment in your future. That’s because it’s typically a stable and secure asset that tends to increase in value as time goes on. Connect with a local real estate agent if you’re ready to buy a home and invest in your future. ----- Source: keepingcurrentmatters.com

If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come. That’s because today’s headlines are painting an unnecessarily negative picture. If we take a year-over-year view, home prices did drop some, but that’s because we’re comparing to a ‘unicorn’ year when prices peaked well beyond the norm. To avoid an unfair comparison to that previous peak, we need to look at monthly data. And that tells a very different and much more positive story. While local home price trends still vary by market, here’s what the national data tells us. The graphs below use recent monthly reports from three sources to show the worst home price declines are already behind us, and prices are appreciating nationally. Looking at this monthly view, we can see the past year in the housing market can be divided into two parts. In the first half of 2022, home prices were going up, and fast. However, starting in July, prices began to go down ( shown in red in the graphs above ). By around August or September, the trend started to stabilize. But, looking at the most recent data for early 2023, these graphs also show that prices are going up again. The fact that all three reports show prices have been going up for three or more straight months is an encouraging sign for the housing market. The month-over-month data indicates a national shift is happening – home prices are rising again . Craig J. Lazzara, Managing Director at S&P Dow Jones Indices , says this about home price trends: “If I were trying to make a case that the decline in home prices that began in June 2022 had definitively ended in January 2023, April’s data would bolster my argument.” Experts believe one of the reasons prices didn’t crash like some expected is because there aren’t enough available homes for the number of people who want to buy them. Even with today’s mortgage rates , there are more people looking to buy than there are homes available for sale. Mark Fleming, Chief Economist at First American , explains how more demand than supply keeps upward pressure on prices: “History has shown that higher rates may take the steam out of rising prices, but it doesn’t cause them to collapse entirely. This is especially true in today’s housing market, where the demand for homes continues to outpace supply, keeping the pressure on house prices .” Doug Duncan, Senior VP and Chief Economist at Fannie Mae , states home price growth is exceeding expectations thanks to that high demand: “. . . housing prices continue to show stronger growth than what was previously expected . . . Housing’s performance is a testimony to the strength of demographic-related demand . . .” Here’s How This Affects You Buyers : If you’ve been holding off on buying because you were worried the value of your home would go down, knowing home prices have bounced back should bring you some relief. It also gives you the opportunity to own something that usually becomes more valuable as time goes on. Sellers : If you’ve been waiting to sell your house because you were concerned about how changing home prices would affect its value, it might be a good idea to team up with a real estate agent to list your house. You don’t have to wait any longer because the latest data suggests things are turning in your favor. Bottom Line If you delayed your moving plans because you were concerned about home prices dropping, the latest data reveals the worst is already over, and prices are appreciating nationally. Partner with a local real estate agent so you know what's happening with home prices in your area. ----- Source: keepingcurrentmatters.com

These styles could be holding your home back. Good home decor is subjective—and pinpointing "outdated" interior design isn't as easy as pointing to an old piece of furniture or decor. For example, your mom's old lamp from the 50s that you used to hate? Well, we call that mid-century modern now, and, in the right context, it could be the decor item that makes a room look cool and unique. Plus, with a rising interest in vintage furniture, "dated" pieces are in high demand—and they can help you add more charm and style to your home. However, there are certain design choices—like following trends too closely or furnishing your entire home with matching sets—that can make a home feel unintentionally dated. Below, design experts explain which styling moves can keep your home looking stunted in the past—and how to opt for more timeless design. Trend Traps In order to keep your home tasteful in any decade, avoid trend traps, aka ultra-trendy home decor that’ll be outdated in just a few short months. “The biggest setback to constantly pursuing trendy home decor is it hits hardest in your pocket book,” says Ventura-based interior designer Megan Paulson, founder and principal designer at 22 Design House . “Home decor trends, now more than ever, are constantly evolving and changing—from colors, to finishes, to shapes and sizes. It’s best to stick with what you love and collect those pieces and items that you’ll treasure for a long time.” Instead of trying to keep up with all the newest trends, focus on “curating a timeless and personalized environment,” says Atlanta-based interior designer Jasmine Crockett , founder & CEO of JoyMeetsHome . “The trendy approach often neglects the essential elements of functionality, comfort, and the homeowner's unique personality, making the design appear superficial and short-lived. The key is to strike a balance between having timeless elements and incorporating trends in a way that can be easily updated as styles evolve.” Discontinuous Decor If there’s one thing we love, oh boy is it color. And while bold shades and hues can become a lasting design choice in your home, it’s important to make sure that everything flows just right. “As a designer, a home feels dated to me when there's a lack of cohesive design throughout the space, resulting in a mismatched and disjointed feel,” says Crockett. To avoid a disconnected and dated home, find a color palette that you can use throughout the entire house. Oak Furnishings Though the 20th century favored a bevy of wood-centered interior design trends, this fad doesn't feel quite modern enough for your home today. “1980’s oak and country pine pieces came in everything," Paulson says. "Think dining room tables, hutches, hall trees, secretary desks, cabinets, bookcases, dressers etc. When you have these pieces repeated throughout your home or other matchy-matchy furniture, like all dark espresso furnishings for example, it screams yesteryears.” Themed Bedrooms While we can totally agree that themed bedrooms are without a doubt cute to boot, they don’t necessarily age well. “Overly themed or overly coordinated bedrooms can look outdated as design preferences change,” says Crockett. Extravagantly themed decor, like nautical wallpaper and heavy use of floral patterns can quickly date a space, she says. Rather, implement low-commitment elements of your fav themes to ensure that your space is both fun and fresh. For example, if you’re as obsessed with “ mermaidcore ” as we are, try opting for a couple accent pieces, like a pearlescent lamp or a aqua blue side table, rather than making over your entire space with ocean-themed decor. Too Much Texture Playing with textures is a great way to add dimension to any space. However, some elements just aren’t current enough for the here and now. According to Paulson, these include popcorn ceilings, heavily textured walls, dark wood paneling, and tiled countertops. “These elements can easily give a space an old-fashioned and outdated appearance,” says Crockett. For a modern approach, stick to sleek stones and materials, such as marble and concrete, for more chic and natural-looking texture. Matching Furniture Sets Matching furniture sets are an easy and efficient way to decorate any space, but their rigid uniformity could be holding your home back (in time, that is). “Matching furniture sets can give a room a predictable and outdated appearance,” says Crockett. Instead, mix up the shapes and textures of your furniture pieces so that you can avoid any excessive similarities. Flamboyant Flooring Flooring is an incredibly important aspect of any room—and not just because you need it to walk around. Because flooring reflects or absorbs light, which means it often dictates how bright or moody a room feels, choosing the right option can make or break a space. According to Paulson, it’s best to ditch yellow-gold hardwood floors, carpet throughout the home, and linoleum and vinyl flooring. Instead, go for lighter, brighter wood and ceramic tiling. ----- Source: realsimple.com

An important factor shaping today’s market is the number of homes for sale. And, if you’re considering whether or not to list your house, that’s one of the biggest advantages you have right now. When housing inventory is this low, your house will stand out, especially if it’s priced right. But there are some early signs that more listings are coming. According to the latest data, new listings (homeowners who just put their house up for sale) are trending up. Here’s a look at why this is noteworthy and what it may mean for you. More Homes Are Coming onto the Market than Usual It’s well known that the busiest time in the housing market each year is the spring buying season. That’s why there’s a predictable increase in the volume of newly listed homes throughout the first half of the year. Sellers are anticipating this and ramping up for the months when buyers are most active. But, as the school year kicks off and as the holidays approach, the market cools. It’s what’s expected. But here’s what’s surprising. Based on the latest data from Realtor.com, there’s an increase in the number of sellers listing their houses later this year than usual. A peak this late in the year isn’t typical. You can see both the normal seasonal trend and the unusual August in the graph below: As Realtor.com explains: “While inventory continues to be in short supply, August witnessed an unusual uptick in newly listed homes compared to July, hopefully signaling a return in seller activity heading toward the fall season . . .” While this is only one month of data, it’s unusual enough to note. It’s still too early to say for sure if this trend will continue, but it’s something you’ll want to stay ahead of if it does. What This Means for You If you’ve been putting off selling your house, now may be the sweet spot to make your move. That’s because, if this trend continues, you’ll have more competition the longer you wait. And if your neighbor puts their house up for sale too, it means you may have to share buyers’ attention with that other homeowner. If you sell now, you can beat your neighbors to the punch. But, even with more homes coming onto the market, the market is still well below normal supply levels. And, that inventory deficit isn’t going to be reversed overnight. The graph below helps put this into context, so you can see the opportunity you still have now: Bottom Line Even though inventory is still low, you don’t want to wait for more competition to pop up in your neighborhood. You still have an incredible opportunity if you sell your house today. Connect with a real estate agent to explore the benefits of selling now before more homes come to the market. ----- Source: keepingcurrentmatters.com

There’s nothing like a fresh coat of paint to completely transform a room. Paint is also a great way to make a space feel a little trendier and up-to-date when a major renovation isn’t possible. But it’s important to choose your color wisely. If you’re planning on painting in 2024, here are the colors to avoid, as well as what to do if you really like a color that’s going out of style. Anything Bright And Saturated “Just like pumpkin spice lattes and chunky knit sweaters, ’tis the season for Color of the Year forecasts,” says HGTV star and interior designer Shay Holland. “Epitomizing vitality, youth, and optimism, bright saturated colors were the ‘it’ colors in 2023. Yet last season’s trending paint colors are already fading from memory.” So, think about using more muted hues in 2024. However, if you really like bright, saturated colors, skip the wall and opt to paint a desk or chair instead. Red Red has had a moment in recent years, with many people opting for the red, monochromatic look. But Holland says we should bid this shade farewell. One of the biggest problems with red is that it’s so bold that it's difficult to balance out. If you must do red, opt for a burgundy accent chair or rug instead. Orange “Adios, vivacious orange,” says Holland. Much like red, this color is hard to coordinate with and way too much for the average home. “Truthfully, most homeowners will never jump on the bandwagon when it comes to daring hues like this. We find energetic (often anxiety-inducing) colors hard to live with, especially in our private sanctuaries.” Can't stop thinking about orange? Go with a creamy peach instead. Pink While hues like millennial pink came and went over the years, the Barbie movie brought back this look big time in 2023. While Holland doesn’t believe it is here to stay, that doesn’t mean you can’t incorporate a little pink into your home. “This is why I recommend leaving unconventional color expressions for pass-through spaces like powder rooms," she explains. Interior designer Kate Dawson also recommends using it more juvenile areas, like a little girl’s room. Stark White While stark whites gave us a sense of peace during the pandemic, nearly four years later, this shade is becoming dated. If you really want a neutral, Holland suggests going with a different color family, “Opt for colors of nature and warm earthy tones that evoke harmony, wellness, and restoration.” Most Shades Of Gray Gray had a moment that lasted for years. Fortunately, according to Dawson, that time is up. “All those neutral shades of gray paint are finally starting to go out of style mainly because they've been the go-to neutrals for so, so long now,” she explains. “People are tired of gray rooms! I've really noticed this in my clients. They are ready for more color! They're craving something a little more bold! And something that expresses more of who they are and adds some personality!” However, that doesn’t mean she thinks the gray should be avoided altogether. “I think neutral gray colors will always be good colors for rooms that have bold accessories. Whether that's a large bright rug, a huge colorful piece of art, or maybe boldly colored kitchen cabinets. You want the eye to go to those big elements of style. The gray will keep the focus on the statement pieces—showcasing them in a way that really highlights the drama they bring to a space.” ------------------ Source: RealSimple

Fall is one of the best times to sell your home, thanks to less competition and ease in home decorating. Just like pumpkin spice lattes, changing leaves and shorter days, a slowdown in the housing market is a signal fall is upon us. Pending home sales slumped in August, down 7.1% from July, with all four regions of the U.S. posting month-over-month and year-over-year declines in transactions, according to the National Association of Realtors. Year over year, pending transactions fell by 18.7%. Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve’s next move, are contributing to the highest mortgage rates in a generation. Unsurprisingly, this is weakening homebuyers' appetites. With summer vacations over and kids back in school, autumn can be a challenging time to secure a new home. Many homeowners and homebuyers are preparing to hunker down for winter. While home sales typically drop in the fall, that doesn't mean you should wait until spring to list your property. Fall can be a fantastic time to sell your home for these three reasons. 1. Last Hooray Before Winter Winter in the colder northern regions across the country is the slowest time for homebuying and selling. Who wants to pack up their home and move in feet of snow or near-freezing temperatures? Fall's milder temperatures make it an ideal time to get settled into a new property. It's also a unique window to capture last-minute buyers who are still house hunting. "Fall tends to be the last bit of significant activity for the Denver metro market before winter," says Amber Edouard, a real estate agent with West+Main Homes in Denver. "Some buyers decide to try again next year and other sellers think they’d rather wait for the spring market, leaving an opportunity for those who remain diligent." It's true there are generally fewer people searching for homes in autumn, but there are also fewer homes for sale. The key to capturing the remaining buyers out there is to make your home stand out. "With any home sale, it's all about presentation and providing the buyer with value," Edouard says. "When listing a property, good staging and providing the potential buyers with a cozy vibe do go a long way as far as helping them feel comfortable in the space and envisioning themselves living there." However, she says, buyers have become discerning. "Since the current interest rates are significantly higher than the insanely low rates we saw during the pandemic, many buyers don’t have extra money for a fixer-upper and only want to enter the market for a property that is nearly turn-key," Edouard says. "Specifically for fall, the amount of homes for sale tends to drop a bit, providing better odds for the seller. If you price the property right or even slightly under market value, you have greater potential of getting list price or even multiple offers." Not every market experiences the same slowdown in fall and winter. In the warmer southern states, like Florida, winter is more like the peak summer season. Southern weather at this time of year isn't as hot, humid or rainy. It's a great time to get your property on the market when there is less inventory. More listings pop up in the winter, which gives buyers more options and room for negotiation. If you list before the peak season in fall, you can often get a better sales price for your home, especially if it's in good condition and staged well. 2. It's Easy to Make Your Home Feel Extra Cozy One of the best reasons to sell your home in the fall is how easy it is to make your home feel warm and inviting. Consider having a naturally scented candle or diffuser oil that gives off a light fall fragrance like freshly baked apple muffins or pumpkin cookies when showing your home. These common fall scents can set the mood and make your home feel extra cozy with fall's crisper cooler weather. However, it's important the scents are not overpowering. If it's too strong, it can actually put off homebuyers. Charles Fischer, broker associate with the Fischer Group EXP Realty in Melbourne, Florida, advises potential sellers to start with a deep cleaning and decluttering, which he says is even more important now. "Buyers are imagining how they will 'live' in your home," he says. "Try to reduce the personality 'footprint' from family photos and keepsakes that we all love but can create clutter and distract a buyer." For example, instead of a family photo, hang a neutral landscape painting, cute botanical poster or quaint wall art quote. There are a lot of appealing decor swaps you can make for little to no cost. The key is to not have anything that draws attention away from the selling features of the home. Choose subtle fall decorations like natural leaf garland around your fireplace mantle or staircase railing. Consider adding a few pumpkins, natural grasses like hay or other small fall landscaping additions to the exterior of the home. A fall door mat or wreath can set an inviting tone for a potential buyer entering your home for a showing. "Fall decor is great," says Fisher, "but avoid excessive Halloween items like inflatable lawn decorations. I have found that some buyers are turned off by them." To improve curb appeal, Fisher suggests that sellers "green up the lawn, plant fresh flowers and weed and mulch landscaping." 3. Low Inventory and High Demand Are on Your Side Home sellers considering selling in fall 2023 have a unique advantage. In most markets, supply remains extremely low, with homebuying demand surpassing the available inventory. According to the U.S. News Housing Market Index, national housing supply is at 2.1 months, far below the average six months considered a balanced housing market. Homes are moving quickly in cities like San Jose, California, and Fayetteville, North Carolina. In San Jose, which Redfin identifies as the most competitive city in the U.S. for home sales, homes sell after an average of 11 days on the market, compared to 27 days last year. In Fayetteville, homes are selling after seven days on the market, on average, compared to eight days last year, according to Redfin. In hot markets, sellers are seeing multiple offers if the home is priced well and in good condition. Mortgage rates are one of the biggest deterrents for buyers today. As of Oct. 5, the average 30-year-fixed mortgage rate was 7.68%, but the Mortgage Bankers Association predicts mortgage rates could be as low as 6% by the end of 2023 and 5% by mid-2024, which would heat the housing market up again. The Key to Selling Fast This Fall To make the most of your home sale in the fall, approach the season realistically. Know what your market is doing right now and the challenges you may encounter if you list in the fall months. Because the number of buyers actively looking in fall starts to taper off, it's important that sellers do not overprice their property, Edouard says, so they can attract as much interest as possible. "When a property is overpriced and the number of days it sits on the MLS begins to accrue, its novelty and buzz also tend to go downward," says Edouard. "Although price improvements can help bring the interest back, it's always better to get it priced right the first time to get the most for the seller." In Florida, Fischer says prices have remained relatively stable and buyer demand is high, at least in the central, east coast part of the state. "It's important sellers are realistic with their pricing," he says. "Perform a presale appraisal and inspection and use that number to guide your pricing." A qualified and experienced real estate agent can help you make the most of your home sale in the fall, but a lot of the prep work to make your home stand out comes from you. Declutter, do a deep clean and get your home show-ready with minimal and intentional fall decor. If you pair those efforts with a proper asking price, there's a good chance your home will sell quickly and for top dollar this fall season. ---------- Source: U.S. News

Mortgage rates have been back on the rise recently and that’s getting a lot of attention from the press. If you’ve been following the headlines, you may have even seen rates recently reached their highest level in over two decades. That can feel like a little bit of a gut punch if you’re thinking about making a move. If you’re wondering whether or not you should delay your plans, here’s what you really need to know. How Higher Mortgage Rates Impact You There’s no denying mortgage rates are higher right now than they were in recent years. And, when rates are up, that affects overall home affordability. It works like this. The higher the rate, the more expensive it is to borrow money when you buy a home. That’s because, as rates trend up, your monthly mortgage payment for your future home loan also increases. Urban Institute explains how this is impacting buyers and sellers right now: “When mortgage rates go up, monthly housing payments on new purchases also increase. For potential buyers, increased monthly payments can reduce the share of available affordable homes . . . Additionally, higher interest rates mean fewer homes on the market, as existing homeowners have an incentive to hold on to their home to keep their low interest rate.” Basically, some people are deciding to put their plans on hold because of where mortgage rates are right now. But what you want to know is: is that a good strategy? Where Will Mortgage Rates Go from Here? If you’re eager for mortgage rates to drop, you’re not alone. A lot of people are waiting for that to happen. But here’s the thing. No one knows when it will. Even the experts can’t say with certainty what’s going to happen next. Forecasts project rates will fall in the months ahead, but what the latest data says is that rates have been climbing lately. This disconnect shows just how tricky mortgage rates are to project. The best advice for your move is this: don’t try to control what you can’t control. This includes trying to time the market or guess what the future holds for mortgage rates. As CBS News states: “If you’re in the market for a new home, experts typically recommend focusing your search on the right home purchase — not the interest rate environment.” Instead, work on building a team of skilled professionals, including a trusted lender and real estate agent, who can explain what’s happening in the market and what it means for you. If you need to move because you’re changing jobs, want to be closer to family, or are in the middle of another big life change, the right team can help you achieve your goal, even now. Bottom Line The best advice for your move is: don’t try to control what you can’t control – especially mortgage rates. Even the experts can’t say for certain where they’ll go from here. Instead, focus on building a team of trusted professionals who can keep you informed. When you’re ready to get the process started, connect with a local real estate agent. ------------------- Source: keepingcurrentmatters.com

Homebuilders are providing options buyers can’t find in the existing-home sales market. Newly built homes account for a small share of the home sales market, generally around 10%. But builders have grown that percentage this year and will make further gains in 2024. Even with higher mortgage rates, new-home sales are rising because builders are bringing more inventory onto the market than they did before the COVID-19 pandemic. By contrast, the market for existing homes is gummed up by lack of inventory, which is about half of what it was in 2019. After two consecutive years of near-20% declines, existing-home sales will recover next year with a baseline gain of 10% to 15%. If, somehow, more inventory bursts forth, a surprisingly positive gain of 25% to 30% is a distinct possibility. Lack of supply is behind ongoing multiple-offer scenarios on moderate- to mid-priced homes and attests to the importance of inventory in getting the market moving. Builders can add inventory by constructing homes. Boosting existing- home inventory requires owners to give up the low mortgage rates they secured a couple of years ago. Rates in the 2.5% to 3% range may be too good for some owners to surrender. But consider the life-changing events that took place during the past two years: 3 million marriages, 1.5 million divorces, 7 million births, 4 million deaths, and 7 million Americans reaching 65. Staying put isn’t an option for many growing families or divorcing couples. The dream of retiring to a home requiring less maintenance can’t be postponed indefinitely. People need and want to move. Even a small fall in mortgage rates could be the enticement. In the past two years, we’ve seen 4 million net new jobs, along with 50 million job switches. Many office workers would like a home that accommodates new hybrid work policies. Pent-up supplies have been steadily building. Combine that with the usual demand response from lower rates, and the home sales market will become more dynamic. Virtual Purchases Persist Although sales were down slightly in August, NAR data indicates buyer motivation remains strong. Market pace and technology spurred 7% of buyers in August to purchase a home based only on a virtual tour, showing or open house, virtually unchanged from one year ago. ------------------------------ Source: nar.realtor

The sunny state of California, which is listed among the AARP Network of Age-Friendly States and Communities , features diverse geography, scenic parks and 840 miles of coastline, making it a prime retirement destination for active seniors. The state is made up of a dozen regions, each with its own culture and amenities, and it has nearly 40 million residents , about 15% of whom are retirees. A very comfortable climate means plenty of opportunities to explore the state’s park system , many of which feature stocked fishing lakes, boat launches and picnic spots, and exciting festivals throughout the year provide entertainment and celebrate the state’s unique heritage. Independent living communities provide housing for active older adults. These communities promote a comfortable, maintenance-free lifestyle and typically feature amenities such as recreational centers, swimming pools and clubs and interest groups. Some communities also offer daily meals, basic housekeeping and laundry services and onsite spas and fitness centers. On average, Californians pay $3,250 per month for independent living, though fees vary considerably depending on location and amenities. This guide provides more details on independent living in California and outlines agencies and programs available to retirees in the state. The Cost of Independent Living in California When trying to decide how to pay for independent living, one of the first questions that comes up is "How much does it cost?" With the impact of inflation, it's more important than ever to have up-to-date information when making a financial plan for senior living. To help shed light on real senior living prices, Caring.com has compiled proprietary cost data from its network of over 75,000 senior living providers to offer insight into the average cost of independent living in California and its 107 cities. The Cost of Independent Living in California's Top Cities Different cities in California have experienced different rates of inflation-driven increases. Sacramento has average costs of $3,500 a month for independent living, not far off from the $3,556 state average. San Diego is also close, at $3,679. Los Angeles' costs are somewhat higher, at $4,158 a month for independent living services. Topping the list is San Francisco, where the average $6,110 is a full 72% higher than the state average. Inflation's Impact on the Cost of Independent Living in California Independent care costs in California are projected to rise substantially by 2024, largely due to the effects of inflation. From 2022-2024, trend analysis shows a 10% increase from $3,481 to $3,823. This is close to the estimated 12% increase in national average costs. Other states likewise anticipate increases. Alaska and Nevada both project a rise of 5%, while New Mexico expects a stunning 61% increase during the same period, from $1,962 to $3,154. Wyoming actually shows overall decline from $2,723 in 2022 to a projected $2,200 a month in 2024, a 19% decrease. The Costs of Other Types of Senior Living Independent living is relatively affordable in California, at $3,556 a month, but it isn't the only care option for seniors. Older adults who could use closer support can choose assisted living in the Golden State for $4,946 a month, while memory care costs $5,866. Can You Use Medicare or Medicaid to Pay for Independent Living in California? Unfortunately, you cannot use Medicaid and Medicare to help pay the monthly fee for residing in an Independent Living community. For seniors who need help with Activities of Daily Living (ADLs), there may be financial assistance programs available to help cover the cost of care in Independent Living. For more information about financial assistance for those who need a higher level of care, read our guide to Assisted Living in California. Read on for more information about using alternative means to make Independent Living more affordable, such as retirement funds, the sale of a home, etc. Free and Low-Cost Resources for Seniors in California There are many resources in California that assist seniors in their retirement. caring.com has compiled information on local organizations, programs and agencies and categorized them into care types for easy reference. Area Agency on Aging Retirees can find support and advice on various senior-related issues from their local Area Agency on Aging . The agency provides advice on topics such as financial assistance programs, in-home care and long-term care planning. It also connects seniors and caregivers with community-based resources. ( California Area Agencies on Aging ) Cash Assistance Programs Cash assistance programs in California provide financial support to help low-income retirees remain in their own homes for as long as possible. Seniors and caregivers can apply for tax rebates and reductions, discounts on vital services and help covering the cost of heating and cooling their home. Food Assistance Programs Local organizations help ensure elderly citizens have a balanced diet and receive essential vitamins and minerals to remain healthy. Through nutrition programs, congregate meals, home-delivered meals and food pantries, these programs help California seniors afford the nutritious food they need. Free Used Medical Equipment Due to the high cost of purchasing new medical equipment, several organizations in California collect lightly used medical devices such as wheelchairs, ramps and walkers and distribute them to local seniors and residents in need. Home Repair and Modifications Seniors and those with disabilities can access a variety of local resources to help them pay for home repairs and modifications. Programs in California have different eligibility criteria and often assist retirees by providing grants or loans. Legal Resources Many organizations offer free or low-cost legal services to California seniors. Older adults can access advice on issues such as estate planning, living wills and power of attorney. Some firms also act as long-term care ombudsmen, advocating for the rights of seniors in senior living communities. Senior Centers Senior centers in California bring together residents through recreational activities and events. Many also offer advice and support on senior issues, run wellness and nutrition programs, and connect older adults with other resources in the local area. Senior Engagement Senior engagement resources and programs in California help older adults remain active and ensure they contribute to the community. Resources include wellness programs, volunteer opportunities, support groups and organizations that help residents connect with the community to live fulfilling lives. Social Security Offices Social Security offices in California help seniors and disabled people access the benefits they're entitled to. Older adults can contact their local office for information about receiving retirement benefits, disability allowance and Supplemental Security Income. Tax Assistance Seniors can apply for tax assistance from several California resources. Elderly residents and those with disabilities could be eligible for tax exemptions on medical expenses, reductions on property tax and other tax assistance programs. Utility & Energy Bill Assistance Low-income seniors who are struggling to meet the costs of maintaining their homes can find support from organizations that offer assistance with utility and energy bills. California retirees could also qualify for emergency funding programs if they're in danger of losing utility services due to unpaid invoices. Veteran's Services California retirees who have served in the U.S. military can find support from local veteran services. These offices and organizations help vets access the benefits they're eligible for and provide advice and information on a variety of issues. -------------------------- Source: caring.com