Here is your December 2023 Market Update
The US Real Estate Market looks like it’s about to undergo a significant shift. In this month’s video, we discuss mortgage rates, rising energy costs, and new legislation surrounding Accessory Dwelling Units (ADUs). It’s been a big month; watch the video above to learn more. 👆🏼
🏡 Mortgage Rate Update
This month, the Fed announced that they are NOT raising rates for December. Many experts predict they are done raising rates and will decrease them up to six times throughout 2024. If this trend continues, there will be increasing pressure on the already competitive housing market. Homeowners who were waiting for rates to drop over the past year are now beginning to list their homes, creating more inventory.
☀️ Inflations Reduction Act & Renewable Energy
PG&E has announced they will increase power bills by up to 22% in 2024. Due to the Inflation Reduction Act, there are federal incentives allowing homeowners and buyers to take advantage of solar, backup battery systems, and other energy-efficient upgrades with very little to no cash out of pocket. Some of these upgrades even offer rebates and tax credits. In 2024, we will have FHA products where you can finance solar in many situations, which will help home buyers in areas with high utility costs. Contact me for a tool to calculate your potential savings with solar.
🪪 Credit Card Debt
Addressing credit card debt during times of high-interest rates is crucial. If you need help finding ways to lower your debt, I’d be happy to share with you some of my tools for navigate debt.
🏘️ Accessory Dwelling Units
Recent legislative changes have made ADUs an increasingly viable option for homeowners. These changes are part of California’s ongoing efforts to address housing affordability and increase the availability of residential units. If you’re a homeowner looking to increase your property value, this may be a great option. There are some great loans available with minimal down payment; please contact me to learn more.
🎄 Happy Holidays
If there is anything I can do for you or if you would like more information about any of these topics, please feel free to contact me. Stay tuned for more updates, and enjoy a fantastic Holiday Season. Talk to you soon.