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Flat home prices, stable interest rates lift California housing affordability, C.A.R. reports
Twenty-seven percent of California households could afford to purchase the $588,530 median-priced home in the third quarter of 2018, up from 26 percent in second-quarter 2018 and down from 28 percent a year ago.
A minimum annual income of $125,540 was needed to make monthly payments of $3,140, including principal, interest, and taxes on a 30-year fixed-rate mortgage at a 4.77 percent interest rate.
Thirty-five percent of home buyers were able to purchase the $479,390 median-priced condo or townhome. An annual income of $102,260 was required to make a monthly payment of $2,560.
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Client Testimonials:
"After interviewing several realtors we chose Kathy & Michael Rain to sell our Pacifica home. We were impressed with their initial presentation and never disappointed through the entire process. They did their homework to determine the right asking price, which was well over other realtors estimates, produced beautiful brochures, listed the property on every website possible, and held open houses until we sold. Michael also walked us through the legal side of the process and has the experience & expertise that made us feel at ease. We knew that the price point for our large home was above that of the typical smaller homes in the area and would extend the marketing time, but it was worth the wait with the full price offer we received. Although several agents approached Kathy with lower offers, she was always ready with comps and a very logical argument supporting our price point. We truly feel that using the Rain team got us the best price for our home and would recommend them to anyone considering selling their home."
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~ Michael & Kathy
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