The Power Is Now Magazine | August, 2021

Page 86

market— newer homes built in 2000 and account for 7.9% of total homes in San Bernardino. SALES. In January this year, home sales in San Bernardino were up 20.7% in a year, as 2,608 homes were sold. A figure last seen in 2006. But the numbers dropped by 11% in June this year and by 10% from April. However, new construction sales did go up 20% from last year. With the trend that has been seen in San Bernardino, the sales were expected to keep soaring, but as the prices went up, home affordability went down. In fact, home sales have been going down since April. The decrease can be attributed to heated bidding wars that might have seen would-be-homeowners exit the market even though May was the busiest month with home sales. MARKET DAYS. Inventory in San Bernardino is fast-moving, even with the limited inventory. Homes are spending less and less time on the market. According to Realtor.com, homes listed are spending an average of 50 days on the market as of June 2021, which is a drop from April when they spent an average of 51 days and 53 days the month before, according to Realtor.com. The demand and supply in May hit a balance, but the housing market is still essentially a seller’s market. Homebuyers are having to have heated bidding wars to get their dream house. Unfortunately, some might exit the market. PRICES. The competitive nature of the market and the low supply have blended and formed a perfect cocktail that has seen the market boom and the prices soar. May 2021 witnessed the prices for singlefamily homes rise by 25.7% year-over-year. The median listing price and median sold price have been on the rise as well. The median listing price for May 2021 was $424,000, while the median sold price was $430,000. The median listing price steadily increased to $439,000, and the median sold price was $440,000. As of June, people paid 1.94% over the listing price. Prices will continue to rise through the year. LOOKING BEYOND: Is this a good time to buy a house? Low-interest 86

l

rates have created the illusion that homes are more affordable. When the federal reserve first slashed interest rates, homes were affordable, but 12 months from then, that isn’t the case anymore. Home appreciation has made homes even more expensive. You might be able to get a home at a relatively cheap interest rate but pay well over the median listing price. This means you are more likely to make higher mortgage payments than the pre-pandemic median listing price. But if you are a seller, it will be a great time to enter the market; you are going to make more with the current price appreciation. On the other hand, if you are a buyer, roll up your sleeves, inventory is tight, and you are going to table your best offer.

Sources: https://www.realtor.com/realestateandhomes-search/San-Bernardino_CA/ overview https://www.neighborhoodscout.com/ca/san-bernardino/real-estate https://californianewstimes.com/san-bernardino-county-home-sales-drop-11after-62000-price-jump-san-bernardino-sun/409743/

THE POWER IS NOW MAGAZINE | AUGUST 2021


Turn static files into dynamic content formats.

Create a flipbook

Articles inside

Women’s Equality Day

4min
pages 134-138

Let’s Talk About Foot Health

2min
pages 130-131

Special Feature: Focusing on growing Mental Health Issues in America.

3min
pages 128-129

CFPB: Lenders engaged in discrimination, redlining, and reported bad data!

5min
pages 120-121

Fannie Mae Economic Group Shines a Spotlight on what’s causing the housing market inflation problem in the country.

5min
pages 124-127

Forbearance loans continue to decline steadily.

3min
pages 122-123

Redfin Report: African Americans still face massive barriers to homeownership!

9min
pages 116-119

Housing Market Analysis. Is this the right time to invest in Richmond Market? , by Joe Fisher.

3min
pages 113-115

Los Angeles Housing Market

2min
pages 109-112

Whittier & La Habra on spotlight: Just how safe are the two cities for investors? , by Briana Frazier.

3min
pages 101-104

Expert Advice: should I invest in LA Housing Market, by Adrian Bates.

3min
pages 105-108

Expert Opinion: Sacramento Housing market is Red Hot Right Now!, by Robert Langston.

2min
pages 97-100

Is Oakland real estate market a good investment market right now? , by Kenneth Session.

3min
pages 93-96

Five facts no one is telling you about the San Diego Real Estate market, by Denise Matthis.

3min
pages 89-92

San Bernardino Real Estate Market Update: Housing market trends, Prices and looking Beyond, by Danon Burnside.

2min
pages 86-88

Real Estate Market update with Jenny Gonzalez: Corona CA Edition, by Jenny Gonzalez.

5min
pages 81-85

Looking at Irvine Housing Market Future opportunities for homebuyers, by Cornelius Jackson.

3min
pages 77-80

Meet Marc Morial, President of The National Urban League.

9min
pages 72-76

Just how safe is Fontana Housing Market? , by Ameer Elahee.

3min
pages 66-68

Appreciation rate, Trends, and Arizona Housing Market data, by Yvonne McFadden.

3min
pages 53-56

Top 5 hottest markets in the Inland Empire in 2021, by Kamesha Keesee.

5min
pages 61-65

5 housing market predictions for Arizona Housing Market in 2021, by Peggie Simons.

3min
pages 57-60

Making a good return on Property investment in Maryland, by Emerick Peace.

4min
pages 43-46

Texas Real Estate agents are Overwhelmed. The Future is in the South and Here’s Why! by Sharon Bartlett.

3min
pages 37-42

Opinion: Could Tech be the end for the Real estate Brokerage Firms?

5min
pages 20-24

Why North Texas Housing is Blazing Hot!, by Johnnie Morine.

3min
pages 33-36

The Housing Market Inventory is just about to get better. Here’s why!

5min
pages 14-15

Opinion: ways a buyer mess up when getting a mortgage, by Norman Green.

4min
pages 29-32

5 mobile apps in 2021 that will revolutionize your house hunting experience.

4min
pages 18-19

An economic Rebound for California What does this mean for the state’s high rising real estate market?

3min
pages 8-9

Mortgage Predictions: Just how low can mortgage rates go and for How Long?

5min
pages 16-17

The Great South Migration: An Era shaping Exodus for the Northerners real estate markets

8min
pages 10-13
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.
The Power Is Now Magazine | August, 2021 by The Power Is Now Media Inc. - Issuu