- What Local Corpus Christi Homebuyers Can Expect in 2024
- Berks County Real Estate Transactions
- Giants, 49ers and Warriors – Bay Area Teams Making Big League Real Estate Plays
It’s a wonderful day and a good day for another Real Estate news roundup! As we enter the new year, many people are considering buying a new construction home from a reputable homebuilder and embarking on a new journey. Brian Morales, CEO of the Corpus Christi Association of Realtors, shares insights into the local housing market, highlighting a decrease in sales but strong prices due to increased mortgage rates. However, there is optimism for 2024, with predictions of lower mortgage rates and a potential 13% increase in home sales. In other news, we’ll explore the latest real estate transactions in Berks County, providing details on property transfers and sales. Additionally, we’ll take a closer look at the off-the-field roles of major Bay Area sports teams as property owners and developers, shaping the region’s real estate landscape. Join us as we delve into these exciting stories!
Here is What Local Homebuyers Can Expect In 2024 | kiiitv.com
Going into the new year may have some people wanting to start a new journey. Some may even have their eyes set on buying a new home. To start the new year, the CEO of Corpus Christi Association of Realtors, Brian Morales talked to 3NEWS about the city’s 2023 housing market and what to expect in 2024.
“The market itself is down. So, you’re seeing fewer sales, fewer closings. Overall, value market is down. Prices, however, have continued to stay strong,” Morales said.
He said one of the main reasons the local market is down is because of increased mortgage rates. Those mortgage rates are something that he said was at an all-time low during the COVID era.
“Since that time mortgage rates have gone up from two, two and a half percent, all the way up to seven and eight percent and that’s been the case for the last year or so. When you have those rates, it just gets more expensive for those folks who are trying to get a mortgage to afford their homes,” he said.
The National Association of Realtors’ chief economist predicts the country could be seeing a 13% increase in homes sales in 2024. That, Morales said, will most likely be because of the interest rate reductions.
“A lot of people are predicting in the next year, over the next 12 months, that the fed will be reducing their interest rates. When those rates go down, mortgage rates typically follow, so we may see some lower mortgage rates in 2024, which may increase that demand again,” he said.
Mortgage rates were up in 2023, Morales indicated home loan options with higher rates led to falling local home prices. Economists at real estate company, Redfin also say home prices are expected to fall in the second and third quarters of this year.
“Price is down from 2022. The middle of the year is when we saw the peak in the median price in our local market. Since that time, it has come down a little bit and we had a little bit of a dip early in the year in the first quarter, but since then, it’s sort of hit a plateau and stayed relatively stable for the last nine months,” said Morales.
When considering these trends, Morales said that it’s important for homebuyers to remember that each property and neighborhood are different. To best fit your needs, he recommends going through a realtor to find a home that best fits your needs.
Berks County Real Estate Transactions for Jan. 7
Check out the latest real estate transactions in Berks County. The transactions include property transfers and sales recorded in the Berks County recorder of deeds office. From Albany Township to Womelsdorf, discover the details of these transactions and gain insights into the local real estate market.
Taking Stock of the Giants, Warriors and 49ers Real Estate Plays
Discover how major sports teams in the Bay Area are not just known for their on-the-field performance but also for their significant real estate ventures. From Levi’s Stadium to Oracle Park, explore the off-the-field roles of the 49ers, Giants, Warriors, Sharks, and Earthquakes as property owners and developers. Learn about their involvement in stadium construction, urban redevelopment projects, and plans for future growth. Find out how these teams are shaping the region’s real estate landscape and contributing to its economic vitality.