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The State of the US Housing Market: Rising Prices, Limited Inventory, and High Mortgage Rates

The US housing market is experiencing a surge in home-price growth, with prices rising at the fastest pace since November 2022. However, this growth comes with challenges, including limited inventory and high mortgage rates, making affordability a concern for potential buyers. Let’s delve into the current state of the housing market, its implications, and what it means for buyers and sellers.

Rising Home Prices

In February, the S&P CoreLogic Case-Shiller US National Home Price Index rose by 6.4% from a year earlier, surpassing the 6% increase recorded in January. The Case-Shiller 20-city index also saw significant gains, with San Diego leading the pack with an impressive 11.4% rise in home prices. This surge in prices reflects the ongoing demand for housing across the country.

Limited Inventory

Despite the increase in home prices, the housing market continues to face a shortage of inventory. The supply of unsold homes rose slightly in March, but it still lags behind demand. This persistent undersupply can be attributed to various factors, including homeowners choosing not to sell due to low mortgage rates and limited new construction.

High Mortgage Rates

One of the biggest challenges for potential buyers is the high mortgage rates. The benchmark 10-year US Treasury yield recently closed above 4.7%, leading to an increase in mortgage rates. The 30-year fixed-rate mortgage averaged 7.17% last week, the highest level since November. These high rates are limiting affordability for many buyers and impacting their ability to enter the housing market.

Implications for Buyers and Sellers

For buyers, the current state of the housing market presents significant challenges. High home prices and mortgage rates make it difficult to afford a home, especially for first-time buyers. Limited inventory also means increased competition for available properties, leading to bidding wars and higher prices.

For sellers, rising home prices may seem like good news, but the limited inventory means they may struggle to find their next home. Additionally, high mortgage rates could deter potential buyers, reducing the pool of interested parties.

Looking Ahead

While the housing market faces challenges, there are signs of improvement. Inventory has increased slightly in recent months, and more homes are coming to market. However, supply still isn’t keeping up with demand, and affordability remains a major concern.

To address these issues, experts emphasize the need for more housing inventory and stability in mortgage rates. Increasing supply through new construction and encouraging homeowners to sell could help alleviate some of the pressure on the market.

In conclusion, the US housing market is experiencing robust price growth, limited inventory, and high mortgage rates. While these challenges pose obstacles for buyers and sellers, there are opportunities for improvement through increased supply and stability in interest rates.

If you’re considering a move or investment and require a trusted Real Estate Broker, we’re here to assist you. Contact us via email at TEAM@McDanielCallahan.com, complete the form below, or give us a call at 925-838-4300. We are ready to provide expert guidance and support for all your real estate needs. Terry McDaniel DRE License #00941526

https://amp.cnn.com/cnn/2024/04/30/business/us-home-prices-rose-in-february

Exploring Larkspur, CA

Nestled in the heart of Marin County, Larkspur, CA, offers a charming blend of natural beauty, thriving economy, excellent schools, and a vibrant community. Whether you’re considering a move or already call this picturesque town home, here’s a few things to know about living in Larkspur.

Real Estate

Larkspur’s real estate market offers a mix of historic homes, modern estates, and cozy bungalows surrounded by lush greenery. With its proximity to San Francisco and scenic views of Mount Tamalpais, home prices in Larkspur can be high, but the investment is worth it for the quality of life and access to amenities. The median home price in Larkspur is around $1.5 million, with a variety of options to suit different preferences and budgets.

Economy

Larkspur boasts a strong local economy, supported by a mix of small businesses, restaurants, and professional services. Many residents commute to nearby cities for work, while others take advantage of the town’s thriving local economy. From boutique shops and galleries to innovative startups and tech companies, there are ample opportunities for employment and entrepreneurship in Larkspur and the surrounding area.

Schools

Larkspur is served by the Larkspur-Corte Madera School District and the Tamalpais Union High School District, both of which are highly regarded for their academic excellence and supportive communities. Local schools emphasize student achievement, creativity, and community involvement, providing a well-rounded education for students from kindergarten through high school.

Things to Do

Living in Larkspur means access to a wide range of recreational activities and cultural experiences. Explore the scenic trails of Mount Tamalpais, bike along the Corte Madera Creek Pathway, or enjoy a leisurely stroll through downtown Larkspur’s charming shops and restaurants. Larkspur is also home to the Marin Country Mart, a popular destination for shopping, dining, and entertainment, featuring local vendors, live music, and events throughout the year.

Other popular attractions include the Larkspur Landing Ferry Terminal, providing easy access to San Francisco and other destinations around the Bay Area, as well as the Lark Theater, a historic movie theater showcasing independent and classic films. Outdoor enthusiasts will appreciate the town’s numerous parks, playgrounds, and recreational facilities, offering opportunities for hiking, picnicking, and enjoying the natural beauty of Marin County.

Living in Larkspur offers a unique blend of small-town charm, natural beauty, and urban amenities. With its strong real estate market, thriving economy, excellent schools, and abundant recreational opportunities, Larkspur is an ideal destination for those seeking a high quality of life in the San Francisco Bay Area. Whether you’re drawn to its scenic landscapes, vibrant community, or diverse cultural scene, Larkspur has something for everyone.

Search for Larkspur homes here: https://myre.io/01zt1aqUkSiu

Exploring Mill Valley, CA: Real Estate, Economy, Schools, and Recreation

Mill Valley, California, nestled among the redwoods of Marin County, offers a unique blend of natural beauty, thriving economy, excellent schools, and a vibrant community. Whether you’re considering a move or already call this picturesque town home, here’s everything you need to know about living in Mill Valley.

Real Estate

Mill Valley’s real estate market is highly desirable, offering a mix of historic homes, modern estates, and cozy cottages nestled in the hills. While home prices can be steep, the investment is worth it for the stunning views, access to nature, and proximity to San Francisco. The median home price in Mill Valley is around $2 million, with a variety of options ranging from single-family homes to luxury estates.

Economy

Mill Valley boasts a strong economy driven by its proximity to San Francisco and the Bay Area’s tech industry. Many residents commute to the city for work, while others take advantage of the town’s thriving local businesses. From boutique shops and restaurants to professional services and creative industries, there are ample opportunities for employment and entrepreneurship in Mill Valley.

Schools

Mill Valley is known for its top-rated public schools, making it an attractive destination for families. The Mill Valley School District includes several elementary and middle schools known for their academic excellence and supportive communities. Tamalpais High School, located in nearby Larkspur, offers a comprehensive high school experience with a wide range of academic and extracurricular programs.

Things to Do

Living in Mill Valley means endless opportunities for outdoor recreation and cultural experiences. Explore the scenic trails of Mount Tamalpais State Park, bike along the Mill Valley-Sausalito Pathway, or enjoy a leisurely stroll through the quaint downtown area. Mill Valley is also home to a vibrant arts scene, with galleries, theaters, and music venues showcasing local talent.

Other popular attractions include the Mill Valley Film Festival, held annually in October, and the Mill Valley Fall Arts Festival, featuring works by local artists. Foodies will delight in the town’s culinary scene, which includes farm-to-table restaurants, artisanal bakeries, and trendy cafes serving up delicious fare.

Living in Mill Valley offers a unique blend of natural beauty, economic opportunity, excellent schools, and a rich cultural scene. Whether you’re drawn to its stunning landscapes, thriving economy, or tight-knit community, Mill Valley has something for everyone. From real estate options to schools, economy, and things to do, this charming town has it all.

Search Mill Valley Listings: https://myre.io/04mx6jCxXHQ

Living the Good Life in Orinda, CA: A Guide

In the hills of Contra Costa County, Orinda, California, offers residents a blend of natural beauty, top-rated schools, and a thriving community. From its strong real estate market to its vibrant economy and abundant recreational opportunities, there’s something for everyone in this charming town.

Real Estate

Orinda’s real estate market is characterized by its picturesque homes, lush landscapes, and serene neighborhoods. From spacious single-family residences to luxury estates, there’s a diverse range of housing options to suit different lifestyles and preferences. With its prime location and strong property values, Orinda is a highly desirable place to live.

Economy

Orinda boasts a robust economy supported by a mix of local businesses, shops, and services. Residents enjoy easy access to nearby job centers in Oakland, Walnut Creek, and San Francisco, making it an attractive commuter town. The town’s commitment to supporting small businesses adds to its economic vibrancy and community spirit.

Schools

Families are drawn to Orinda for its exceptional public schools, which consistently rank among the best in the state. The Orinda Union School District and Acalanes Union High School District oversee a network of top-rated schools known for their academic excellence, dedicated teachers, and strong parent involvement. Education is a top priority in Orinda, making it an ideal place to raise a family.

Things to Do

In addition to its natural beauty and excellent schools, Orinda offers a variety of recreational activities for residents to enjoy. The town is home to numerous parks, hiking trails, and outdoor spaces, including the popular Briones Regional Park and Tilden Regional Park. Residents can also explore the vibrant downtown area, which features shops, restaurants, and cultural attractions.

Cultural Attractions

Orinda is known for its thriving arts scene, with several cultural attractions and events throughout the year. The Orinda Theatre hosts film screenings, live performances, and community events, while the Orinda Library offers a wide range of programs and activities for all ages. Residents can also enjoy outdoor concerts, art exhibits, and theater productions in the town’s scenic surroundings.

Living in Orinda, CA, offers the perfect combination of natural beauty, strong schools, and a vibrant community. With its picturesque homes, thriving economy, top-rated schools, and abundance of recreational opportunities, it’s no wonder why residents love calling this town home. Whether you’re exploring the trails, supporting local businesses, or enjoying cultural attractions, Orinda has something for everyone to enjoy.

Search Orinda homes here: https://myre.io/0c99JlXa1dQj

Living in Moraga, CA: A College Town Oasis

Nestled in the rolling hills of Contra Costa County, Moraga, California, offers a unique blend of small-town charm, outdoor recreation, and educational opportunities. From its proximity to trails and parks to its strong real estate market and top-rated schools, Moraga has something for everyone. Let’s take a closer look at what makes this college town a desirable place to call home.

Real Estate

Moraga’s real estate market is known for its picturesque neighborhoods, spacious homes, and stunning views of the surrounding hills. From single-family residences to upscale estates, there’s a wide range of housing options to suit different preferences. With its peaceful ambiance and strong community spirit, Moraga is a sought-after destination for families and professionals alike.

Economy

Despite its small size, Moraga boasts a thriving economy supported by a mix of local businesses, restaurants, and services. Residents enjoy easy access to nearby job centers in Walnut Creek, Oakland, and San Francisco, making it an ideal commuter town. The town’s commitment to supporting small businesses adds to its economic vitality and vibrant community atmosphere.

Schools

Moraga is home to top-rated public schools, including the highly acclaimed Moraga School District and Acalanes Union High School District. These districts consistently rank among the best in the state, offering excellent academic programs, dedicated teachers, and a supportive learning environment. Families are drawn to Moraga for its commitment to education and emphasis on student success.

Outdoor Recreation

Nature lovers will find plenty to explore in Moraga’s scenic surroundings. The town is located near several regional parks and open spaces, including the popular Lafayette Reservoir and the expansive Las Trampas Regional Wilderness. Hiking, biking, and picnicking opportunities abound, providing residents with endless opportunities to enjoy the great outdoors.

Things to Do

In addition to outdoor recreation, Moraga offers a variety of cultural and recreational activities for residents to enjoy. The town’s vibrant downtown area features shops, restaurants, and cafes, making it a hub of community activity. Residents can also take advantage of local events, farmers’ markets, and festivals throughout the year.

Living in Moraga, CA, offers the perfect combination of small-town charm, outdoor adventure, and educational excellence. With its strong real estate market, thriving economy, top-rated schools, and abundance of recreational opportunities, it’s no wonder why residents love calling this college town home. Whether you’re exploring the trails, supporting local businesses, or simply enjoying the beautiful scenery, Moraga has something for everyone to enjoy.

Living in Dublin, California: A Vibrant Community

Dublin, California, nestled in the East Bay region, is a vibrant and diverse community offering a blend of suburban charm, modern amenities, and natural beauty. Whether you’re considering a move to Dublin or already call it home, here’s what you need to know about living in this thriving city.

City Overview

Dublin is a growing city with a population of over 65,000 residents. Located in Alameda County, it’s part of the Tri-Valley area along with neighboring cities like Pleasanton and Livermore. The city boasts a high quality of life, excellent schools, and a strong sense of community.

Statistics

Population: Approximately 65,000
Median Household Income: $142,662
Median Home Value: $955,000
Median Rent: $2,605
Unemployment Rate: 2.8%
Average Commute Time: 36 minutes

Housing

Dublin offers a range of housing options, from spacious single-family homes to modern apartments and townhouses. The median home value is higher than the national average, reflecting the city’s desirability and strong real estate market. The community is well-planned, with attractive neighborhoods and ample green spaces.

Education

Education is a priority in Dublin, with top-rated schools that consistently rank among the best in the state. The Dublin Unified School District oversees several elementary, middle, and high schools, providing students with quality education and numerous extracurricular opportunities.

Things to Do

Dublin offers a variety of activities for residents of all ages. Here are some popular attractions and things to do:

Dublin Heritage Park & Museums: Explore Dublin’s rich history at the Heritage Park, which includes historic buildings, museums, and walking trails.
Parks and Recreation: Enjoy outdoor activities at one of Dublin’s many parks, such as Emerald Glen Park, where you can find sports fields, playgrounds, and picnic areas.
Shopping and Dining: The city is home to a diverse range of shopping centers and restaurants, including the upscale Persimmon Place and the popular Hacienda Crossings.
Wine Tasting: Take a short drive to nearby Livermore Valley Wine Country, where you can enjoy wine tasting at award-winning wineries and vineyards.
Trails and Open Spaces: Explore the scenic beauty of Dublin by hiking or biking along the Iron Horse Regional Trail or the Dublin Hills Regional Park.
Events and Festivals: Throughout the year, Dublin hosts various events and festivals, including the annual St. Patrick’s Day Parade and the Splatter Festival celebrating arts and culture.

Community and Culture

Dublin is a welcoming and inclusive community that celebrates diversity and culture. The city hosts events and activities throughout the year that bring residents together.

Living in Dublin, California, offers the perfect blend of suburban tranquility, urban conveniences, and natural beauty. With excellent schools, diverse housing options, and an abundance of recreational activities.

Revealed: The Healthiest Cities in America – Is Your City on the List?

In a recent report by WalletHub, the healthiest and unhealthiest cities in the United States have been unveiled, shedding light on the factors that contribute to a healthy lifestyle. From access to healthcare to green spaces and healthy food options, these rankings provide valuable insights into the well-being of communities across the country. Let’s delve into the findings and see where cities in California stand on the list.

The Top Contenders: Topping the charts as the healthiest city in America is none other than San Francisco, California. With its abundance of hiking trails, healthy restaurants, and physically active adults, San Francisco sets the standard for promoting a healthy lifestyle. Not far behind is San Diego, ranking as the fourth healthiest city nationally and leading the pack in Southern California.

Factors Contributing to Health: WalletHub’s analysis considered a range of factors across four categories: healthcare, food, fitness, and green space. Metrics such as the cost of medical visits, fruit and vegetable consumption, and the availability of hiking trails were taken into account. These indicators provide a comprehensive overview of the factors that contribute to a community’s overall health and well-being.

The California Landscape: While cities like San Francisco and San Diego shine as beacons of health, other California cities also make a strong showing on the list. From Irvine to Los Angeles, Huntington Beach to Glendale, numerous cities in the Golden State are recognized for their commitment to promoting healthy living. However, not all cities fare as well, with Fontana ranking as the unhealthiest city in California.

Addressing Health Disparities: The report’s findings highlight the disparities in health outcomes across different regions and communities. While some cities boast ample resources and amenities to support healthy lifestyles, others struggle to provide access to healthcare and nutritious food options. Recognizing and addressing these disparities is essential for promoting health equity and ensuring that all individuals have the opportunity to thrive.

Moving Forward: As we reflect on the findings of WalletHub’s report, it’s essential to recognize that the pursuit of health is a collective endeavor. By fostering partnerships between government, businesses, healthcare providers, and community organizations, we can create environments that support healthy living for all residents. Whether it’s investing in infrastructure for physical activity, promoting access to fresh produce, or expanding healthcare coverage, there are countless opportunities to make positive changes that benefit our communities.

WalletHub’s latest report provides valuable insights into the healthiest and unhealthiest cities in America, offering a glimpse into the factors that shape our well-being. From San Francisco to San Diego and beyond, cities across California are leading the way in promoting healthy living. However, there is still work to be done to address disparities and ensure that everyone has the opportunity to live a healthy, fulfilling life. By working together, we can create healthier communities and build a brighter future for all.

https://wallethub.com/edu/healthiest-cities/31072

Maximizing Your Home Equity: Understanding IRS Section 121 for Tax Benefits

As home values continue to rise, many homeowners find themselves sitting on substantial equity. What some may not realize is that this presents a unique opportunity for tax benefits, thanks to IRS Section 121. This provision allows eligible homeowners to exclude a significant portion of capital gains from the sale of their principal residence. Let’s look into the details of Section 121, its requirements, and how you can leverage it to maximize your home equity.

Understanding IRS Section 121: IRS Section 121 offers a valuable tax benefit for homeowners looking to sell their primary residence. Under this provision, married taxpayers filing jointly can exclude up to $500,000 of capital gains from the sale, while single filers or married individuals filing separately can exclude up to $250,000.

Requirements for Eligibility: To qualify for the benefits of Section 121, homeowners must meet certain criteria:

Ownership and Use: The property must have been owned and used as the principal residence for at least two out of the last five years leading up to the sale.
Exclusion History: Homeowners should not have excluded gain from the sale of another home within the two years preceding the current sale.
1031 Exchange: The property should not have been acquired through a 1031 exchange within the past five years.

Calculating Capital Gains: Capital gains are calculated by subtracting the property’s basis (purchase price plus capital improvements) from the selling price, minus any sales costs. Gains exceeding the exclusion amounts are subject to capital gains tax, which varies from 0% to 20% based on the taxpayer’s adjusted gross income in the year of the sale.

Exceptions and Considerations: Certain exceptions may apply, such as in cases of divorce, death of a spouse, or military service. It’s essential to consult IRS Publication 523 and seek advice from a tax professional to understand your specific situation thoroughly.

Maximizing Benefits: By understanding the nuances of IRS Section 121, homeowners can maximize their tax benefits when selling their primary residence. Planning ahead, ensuring compliance with eligibility requirements, and seeking professional guidance can help optimize savings and make the most of your home equity.

It’s crucial for homeowners to explore all available avenues for maximizing their assets. IRS Section 121 offers a valuable opportunity to exclude significant capital gains from the sale of a primary residence, providing a substantial tax benefit. By understanding the requirements, calculating capital gains accurately, and seeking expert advice, homeowners can leverage this provision to unlock the full potential of their home equity.

Some exceptions for divorce, death of a spouse, or military service may apply. For more information, see IRS Publication 523 and download our Homeowners Tax Guide. It is always advisable to seek the counsel of your tax professional for your particular situation.

New Listing-Walnut Creek Condo

360 N. Civic Drive, Unit 412, Walnut Creek CA 94596

$415,000 1 bed 1 bath

Open Sunday April 7th, from 1-4

This exceptional end unit boasts privacy with no neighbors above and only one shared wall.

Natural light floods the living space with countless windows framing picturesque views of the main pool. This generously sized 1-bedroom features one large balcony and one deck. Updated gourmet kitchen, complete with sleek stainless steel appliances. The spacious dining and living areas provide ample room for gatherings, enhanced by a striking custom wood accent wall that adds warmth and character to the space.

Updated bathroom, offering modern amenities and refined finishes. The amenities offered by the HOA include access to three pools and spas, stay active in the workout facility, enjoy friendly competition in the billiard room, or rejuvenate in the sauna. Plus, with Easy and direct access to Iron Horse Trail making for convient access to walk/bike downtown to Pleasant Hill and Walnut Creek and so much more, every day feels like a vacation.

Convenience is key, and this condo delivers. Located minutes from downtown, 2 BART stations, and major freeways.

Unlocking the Wealth of Homeownership: A Look at Rising Housing Wealth and the Role of Realtors®

In the ever-evolving landscape of real estate, homeownership stands as a cornerstone of financial stability and wealth accumulation. Recent data from the Federal Reserve paints a picture of unprecedented growth in housing wealth, underscoring the enduring value of property ownership in the United States.

The Surge in Housing Wealth

According to the Federal Reserve, household real estate valuation soared to a staggering $44.8 trillion by the end of 2023. This remarkable figure represents a substantial increase from previous years, with total mortgage liability resting at $13.1 trillion. As a result, the household housing net worth reached an impressive $31.8 trillion, marking a gain of nearly $2 trillion from the previous year and an astounding $20 trillion from a decade ago.

Challenges for First-Time Buyers

Despite the allure of homeownership, first-time buyers face a myriad of challenges on their journey to purchasing a home. Saving for a down payment, understanding the home buying process, and navigating through paperwork are just a few hurdles that prospective buyers encounter. However, amidst these challenges, one beacon of support shines through: the Realtor®.

The Role of Realtors®

Realtors® play a pivotal role in guiding buyers through the complex process of purchasing a home. With their expertise, knowledge, and dedication, Realtors® help first-time buyers navigate the intricacies of the real estate market, making the journey smoother and more manageable. According to recent data, over 90% of buyers worked with a Realtor®, highlighting the invaluable assistance provided by these professionals.

Client Satisfaction and Recommendations

The impact of Realtors® on client satisfaction cannot be overstated. A significant majority of home buyers and sellers expressed satisfaction with their Realtor®, with 75% stating that they would definitely use or recommend their specific agent again. An additional 15% indicated that they would probably do so, underscoring the high level of trust and confidence placed in Realtors® by their clients.

A Testament to Success

The surge in housing wealth underscores the enduring value of homeownership as a wealth-building tool. Despite the challenges faced by first-time buyers, the guidance and support provided by Realtors® have proven invaluable in navigating the complexities of the real estate market. As clients continue to accumulate housing wealth, their satisfaction and loyalty to their Realtors® serve as a testament to the profound impact of these professionals in shaping successful real estate transactions and fostering long-term financial stability.

In the journey of homeownership, Realtors® stand as trusted allies, guiding clients towards their real estate goals and unlocking the wealth-building potential of property ownership.