Are you able to discover a dwelling value that matches your price range? – The Mercury Information

Relating to your June 24, 2023, column titled “Is saving cash definitely worth the potential of stigmatizing your house after a failed sale?” on The Mercury Information and East Bay Instances web sites:

Query: You listed dwelling costs for Could 2023 in Silicon Valley. The lease on our house is about to run out. My in-laws need us to purchase a house as a result of realty costs dropped. Have realty costs fallen in all Bay Space counties?

Reply: In response to the California Affiliation of Realtors (C.A.R.), Bay Space existing-home gross sales and costs have receded by 19.7% and a pair of.7%, respectively, from June 2022 to June 2023. But, a vendor’s market stays. On July 19, 2023, I used to be on a Zoom name with the 2020 C.A.R. president. He proclaimed that 85% of the single-family dwelling gross sales for the prior week in Santa Clara County, aka Santa Clara Valley and Silicon Valley, had been noncontingent. That’s alarming. These homebuyers didn’t have an escape clause written into their buy contracts. In different phrases, ratifying a noncontingent buy contract dangers the homebuyer’s earnest cash deposit. This tactic is pushed by brokers. In occasions of low housing stock, eliminating the homebuyer’s capacity to cancel a house sale and retrieve their earnest cash deposit is inspired. A white-hot vendor’s market sees this as a so-called “strengthening the provide” noncontingent gambit.

I’m towards noncontingent provides; you ought to be, too. Discover a San Francisco Bay Space county with dwelling costs that suit your price range — if attainable. Let’s study the information from analysis and economics at C.A.R. These June 2023 costs are 6.71% rate of interest examples. Then, you’ll want a purchaser’s agent robust sufficient to current a purchase order provide with contingencies by means of a vendor and vendor’s agent who’re savvy sufficient to ratify it.

• In Alameda County, the median value of a three-bedroom dwelling of $950,000 with a 3% down fee of $29,000 is a month-to-month fee of $7,047; with a 20% down fee of $190,000, it’s a month-to-month fee of $6,004.

• In Contra Costa County, the median value of a three-bedroom dwelling of $785,000 with a 3% down fee of $24,000 is a month-to-month fee of $5,824; with a 20% down fee of $157,000, it’s a month-to-month fee of $4,962.

• In Marin County, the median value of a three-bedroom dwelling of $1,420,000 with a 3% down fee of $42,000 is a month-to-month fee of $10,497; with a 20% down fee of $283,000, it’s a month-to-month fee of $8,942.

• In Napa County, the median value of a three-bedroom dwelling of $1,620,000 with a 3% down fee of $49,000 is a month-to-month fee of $12,036; with a 20% down fee of $325,000, it’s a month-to-month fee of $10,254.

• In San Francisco County, the median value of a three-bedroom dwelling of $1,650,000 with a 3% down fee of $50,000 is a month-to-month fee of $12,240; with a 20% down fee of $330,000, it’s a month-to-month fee of $10,427.

• In San Mateo County, the median value of a three-bedroom dwelling of $1,740,000 with a 3% down fee of $52,000 is a month-to-month fee of $12,934; with a 20% down fee of $349,000, it’s a month-to-month fee of $11,018.

• In Santa Clara County, the median value of a three-bedroom dwelling of $1,555,000 with a 3% down fee of $47,000 is a month-to-month fee of $11,498; with a 20% down fee of $310,000, it’s a month-to-month fee of $9,795.

• In Solano County, the median value of a three-bedroom dwelling of $627,000 with a 3% down fee of $19,000 is a month-to-month fee of $4,651; with a 20% down fee of $125,000, it’s a month-to-month fee of $3,962.

• In Sonoma County, the median value of a three-bedroom dwelling of $1,100,000 with a 3% down fee of $33,000 is a month-to-month fee of $8,138; with a 20% down fee of $219,000, it’s a month-to-month fee of $6,933.

For Housing Market Knowledge in your space, go to my webpage for traits right here. Do you may have questions on dwelling shopping for or promoting? Full-service Realtor Pat Kapowich is a Licensed Belief and Probate Specialist, Licensed Actual Property Brokerage Supervisor and career-long shopper safety advocate. He’s based mostly in his hometown of Sunnyvale, California. Workplace: 408-245-7700; Dealer# 00979413 Pat@SiliconValleyBroker.com