2024 Real Estate – Rents Down & Vacancy Rates Up
2024 Real Estate Rents Down & Vacancy Rates Up
2024 Real Estate real estate
It’s possible that the slowing real estate markets in Phoenix, Arizona and Austin, Texas could have some indirect impacts on the California market, but it’s unlikely to be a direct and significant hit. Here’s why:
Similarities and Differences:
- Similarities: All three states have experienced booming housing markets in recent years, driven by factors like low mortgage rates, remote work trends, and in-migration from other parts of the country. They also share some similar challenges, such as rising interest rates and affordability concerns.
- Differences: California’s housing market is much larger and more diverse than those of Phoenix and Austin. It also has a much higher median home price, making it less directly comparable. Additionally, California has its own unique set of factors influencing its housing market, such as stricter regulations and a larger tech industry.
2024 Real Estate Outlook
2024 Real Estate Outlook
Private equity fund manager Grant Cardone joined ‘FOX & Friends’ to discuss current struggles with the housing market and the impact interest rates have on consumers.
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. Read more 
Mortgage Rates Drop
Mortgage Rates Drop Again
As of today, home mortgage rates have declined once again.
Now, don’t get too excited the 30-year fixed home mortgage rate is still above 7%. But, currently the 30-year fixed rate loan average is about 7.65%. That rate is about 1% less than it was in September of this year. Read more
Phoenix Home Prices
Phoenix Home Prices
To get the most accurate and up-to-date information on Phoenix’s home prices, I recommend checking reputable real estate websites, consulting local real estate agents, or looking at recent reports from organizations that track housing market trends such as the National Association of Realtors (NAR) or the Arizona Association of Realtors. Read more
Landlords Cutting Rents
Landlords Cutting Rents
Landlords are cutting the rents across the US Housing Market, particularly in sunbelt cities such as Phoenix, Nashville, and Austin.
Real estate investors bought in these cities during the pandemic at sky-high prices and now are struggling to rent their properties. In some cases, they are cutting face value rents by 15% and giving massive 3-month leasing concessions. Read more
San Diego’s New Eviction Rules
San Diego’s New Eviction Rules
Landlords in San Diego are not happy with the new proposed eviction rules in the city.
They say that the eviction rules will force landlords to leave properties neglected rather than doing updates and repairs, because a permit will be required if they desire to evict a tenant at the end of the lease to do updates. Read more
Home Buyer Traffic is Collapsing
Home Buyer Traffic is Collapsing
Big drop in home buyer traffic.
he National Association of Home Builders reported that buyer traffic is collapsing again due to higher mortgage rates. This suggests that builders will need to begin cutting prices of houses again to avoid a big run-up in inventory. Read more
Is a Great Depression just around the corner?
Is a Great Depression just around the corner?
What it Looks Like Right Before a Depression Starts . . .
It’s almost not worth even looking back 100 years ago.. we still had a gold backed currency in the 1920’s. Read more
Huge Property Tax Cut
Huge Property Tax Cut bill signed by Governor
Texas Gov. Greg Abbott ceremonially signs a property tax cut bill.
Well, I’m sure many of you assume that I was talking about California property taxes, but unfortunately, what I’m talking about here is the state of Texas. If you really thought that this was going to be about California property taxes being cut, I just have to say keep on California Dreaming because it’s only in your dreams that California will ever cut any taxes! Read more
Mortgage Rates @ 23 Year High
Mortgage Rates @ 23 Year High
Wow, it was just last week I reported that home interest rates hit a 22-year high. Well, unfortunately I have to report this week that home interest rates just surged to a 23-year high!
A report from Freddie Mac showed that the average 30-year fixed mortgage increased to 7.31% from 7.19% , just last week. Read more