Today, we are launching a new home for sale in this wonderful community. But the interesting thing to note is that this is only the 5th home that has been for sale all year here. Is that unusual? You bet it is!
Year to date, we average about 18 homes that have been listed and sold by now, or about 38 to 42 homes per year in this community alone. Unbelievable!
Pulse of the market
Interest rates are flat as the Fed has paused any rate hikes this month. Inflation has settled, slightly. And, as I mentioned above, housing inventory is low.
My buyer clients wanted to make an offer on a home in Clayton this past week. In doing so, I reminded them to first check with their homeowners insurance company to find out what the cost of insurance may be for that home. WOW! They came back shocked! It was more than $3,000 than what they would have paid a year ago.
As you may have heard (read about it here), some insurance companies are leaving California or have chosen to not write policies for new homeowners. The additional costs for homeowners insurance, coupled with mortgage rates at just under 7% this week, along with the lack of housing inventory is making this market so interesting!