Published March 31, 2023
March 2023
The big news this month comes at the end April where the Alameda County Board of Supervisors is removing the eviction moratorium. Legal evictions may proceed starting on April 29, 2023 and tenants who do not pay rent from April 29th onward may be at risk of eviction. Renters are still responsible for repaying any unpaid rent even after the moratorium expires. Renters must submit proof of financial distress in order to be protected. Click here for a renter FAQ.
We saw another very light week for new homes coming on the market. We have 50% fewer homes for sale this week than during the same period in 2017-2019. What impact does this inventory have on potential home buyers?
If you read the headlines, you know that most experts are projecting slightly lower rates at the end of the year. Many homebuyers are sitting on the sidelines, waiting for lower rates. But there could be a cost.
With fewer homes for sale, most markets will likely see prices ticking up. According to Altos Research, the median list price for houses increased in the last few months. You must understand what is happening in your market to make the best home-buying decision possible. The other thing to remember is that most of the data you see about home prices is based on homes that closed last month or months ago. This spring is unique because of the rate drops and lack of inventory; things are changing quickly.
Take a look at the chart below. On a $500,000 home, if home prices climb 6% but rates drop 0.75%, you potentially miss out on $30,000 in equity.
Happy Househunting!
