Published October 28, 2022
Market Update for October 2022
Click: Great blog about our local market
Benefits to Homeownership
Today’s cooling housing market, the rise in mortgage rates, and mounting economic concerns have some people questioning: should I still buy a home this year? While it’s true this year has unique challenges for homebuyers, it’s important to factor the long-term benefits of homeownership into your decision.
Consider this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how you gain equity and wealth as home values grow with time.
Even if home price appreciation eases as the market cools this year, experts say home prices are still expected to appreciate nationally in 2023. That means, in most markets, your home should grow in value over the next year even if the pace is slower than it was during the peak market frenzy when prices skyrocketed.
The alternative to buying a home is renting, and rental prices have been climbing for decades. So why rent and fight annual lease hikes for no long-term financial benefit? Instead, consider buying a home. It’s an investment in your future that could set you up for long-term gains.
Education Corner: 15 year Trend in Local Real Estate
September 2022 (Quarterly) Average For Sale Price is Neutral*
Average For Sale Price (in thousand) in September 2022 (Quarterly): $767
*Up 0.4% compared to last quarter
*Up 3.5% compared to last year
Average Sold Price (in thousand) in September 2022 (Quarterly):$647
*Down 6.8% compared to last quarter
*Up 3.4% compared to last year
Current Interest Rates from our partners at FBC Mortgage
*Up 0.4% compared to last quarter
*Up 3.5% compared to last year
Featured Listings
*FOR SALE
5650 Hollyberry Ln, Placerville, Ca 95667 - $949,000
2 Homes 1 Lot - 5 Usable Acres
Listed By: John Hayes - Owen Taylor
*FOR SALE
11513 Squirrel Creek Rd Rd, Grass Valley, CA 95945 - $590,000
3 Bedroom - 2 Bath - 3228 sqft - Almost 1 Acre
Listed By: Jordan Weir - John Hayes
*VACANT LAND FOR SALE
5195 Deer Valley Rd, Rescue, CA 95672 - $425,000
8.7 Useable Acres - Sub-dividable
Listed By: John Hayes - Owen Taylor
