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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

Home Insurance: Steps Before You Buy

Purchasing home insurance is an essential step in protecting your investment and ensuring peace of mind. However, with numerous insurers and coverage options available, it can be overwhelming to find the right policy for your needs. In this guide, we’ll walk you through the important steps to take before purchasing home insurance to make sure you get the best rate and coverage.

1. Seek Recommendations

Before diving into the world of home insurance, seek recommendations from trusted sources. Your realtor, neighbors, or family members who own homes in your area can provide valuable insights into their preferred insurers. They can share their experiences with claims processes, customer service, and overall satisfaction with their coverage.

2. Get Multiple Quotes

Don’t settle for the first insurance quote you receive. Request quotes from at least three different providers to compare rates and coverage options. By doing so, you can ensure you’re getting the best value for your money. Keep in mind that the cheapest option may not always offer the most comprehensive coverage, so weigh the cost against the benefits.

3. Consider Geographic Challenges

Every geographic location comes with its own set of challenges, whether it’s the risk of hurricanes, earthquakes, wildfires, or floods. Before purchasing home insurance, consider the specific risks associated with your area. Review your policy to confirm that you have coverage for these situations. You may need to elect additional coverage for hazards like fallen trees, earthquakes, or floods that are not typically included in standard policies.

4. Review Your Policy Carefully

Once you’ve selected an insurance provider and policy, review the terms and conditions carefully. Pay close attention to the coverage limits, deductibles, exclusions, and any endorsements or riders that may be attached to the policy. Make sure you understand what is covered and what is not, so there are no surprises when you need to file a claim.

5. Customize Your Coverage

Every homeowner’s insurance needs are unique. Consider customizing your coverage to align with your specific circumstances. For example, if you own valuable jewelry, artwork, or other high-value items, you may need additional coverage to protect them adequately. Similarly, if you run a home-based business, you may need coverage for business equipment and liability.

6. Review and Update Regularly

Your insurance needs may change over time due to factors like home renovations, changes in property value, or lifestyle changes. It’s essential to review your policy regularly and update it as needed to ensure you have adequate coverage. Keep your insurer informed of any changes to your home or personal circumstances to avoid gaps in coverage.

Purchasing home insurance is a critical step in protecting your home and belongings from unexpected events. By seeking recommendations, getting multiple quotes, considering geographic challenges, reviewing your policy carefully, customizing your coverage, and reviewing and updating regularly, you can ensure you have the best rate and coverage for your needs. Don’t wait until it’s too late—take the time to find the right insurance policy to safeguard your home and peace of mind.

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.

Exploring the Charm of Pleasanton, California: A Guide to Living in the Heart of the Bay Area

Nestled in the picturesque East Bay region of Northern California lies the vibrant city of Pleasanton. With its rich history, thriving economy, and exceptional quality of life, Pleasanton has become a sought-after destination for residents seeking the perfect balance of urban convenience and small-town charm. Let’s delve into what makes living in Pleasanton so special, backed by insightful statistics from reputable sources.

A Snapshot of Pleasanton

Population: According to the latest data from the United States Census Bureau, Pleasanton had a population of approximately 83,000 people, making it one of the larger cities in the East Bay.

Median Household Income: Pleasanton boasts a robust economy, with a median household income of $151,576, significantly higher than the national average. This figure reflects the city’s strong job market and affluent community.

Housing Market: The housing market in Pleasanton is competitive, with a median home value of around $1.3 million. Despite the higher housing costs, the city’s desirable amenities and excellent schools attract families and professionals alike.

Education: Pleasanton is renowned for its top-rated public schools, consistently ranking among the best in California. With a focus on academic excellence and extracurricular activities, Pleasanton schools provide students with exceptional educational opportunities.

Quality of Life in Pleasanton

Parks and Recreation: Pleasanton offers an abundance of parks, open spaces, and recreational amenities for residents to enjoy. From hiking trails and sports fields to community events and farmers’ markets, there’s always something to do in this outdoor paradise.

Cultural Scene: The city’s historic downtown area is a hub of activity, featuring charming shops, restaurants, and cultural attractions. Residents can explore art galleries, attend live performances, or simply stroll along Main Street and soak in the vibrant atmosphere.

Commute: Situated at the crossroads of Interstates 580 and 680, Pleasanton offers easy access to the entire Bay Area. Many residents commute to nearby job centers such as Silicon Valley, San Francisco, and Oakland, enjoying a convenient location while still escaping the hustle and bustle of urban life.

Community Spirit: With its strong sense of community and active civic engagement, Pleasanton fosters a welcoming and inclusive atmosphere. Residents come together for festivals, volunteer opportunities, and neighborhood events, creating bonds that make Pleasanton feel like home.

Living in Pleasanton, California, offers a blend of urban sophistication and small-town charm that’s hard to find elsewhere. With its thriving economy, top-rated schools, and abundant recreational opportunities, Pleasanton provides residents with an exceptional quality of life in the heart of the Bay Area.

Sources:

United States Census Bureau
Pleasanton City Government
Zillow
Pleasanton Unified School District

New Listing-Alamo

Tucked amidst the trees, this two-story home boasts privacy. The main level welcomes you with an gourmet kitchen, complete with a spacious island featuring a breakfast bar, a gas stove, and a charming breakfast nook. Adorned with a wood-beamed ceiling. Entertain guests in the beautiful dining/living room flooded with natural light, featuring a grand stone fireplace with a wood mantle. Vaulted ceilings, ceiling fans, and a mix of hardwood floors and carpeting throughout. Built-in speakers enhance the atmosphere, while custom cabinets in the kitchen, laundry room, and primary bathroom offer ample storage solutions. Outside, discover a world of possibilities. A large detached garage with built-in cabinets provides space for your vehicles and tools, while RV parking offers convenience for travelers. Equestrian enthusiasts will delight in the horse setup, boasting nine 12×24 stalls, a 65×80 riding arena, and additional stalls for hay and equipment storage. Green thumbs will appreciate the terraced vegetable garden. A workshop and art studio offer creative spaces to pursue hobbies and passions, while chicken coops could provide farm-fresh eggs. Surrounded by majestic oak trees, this retreat is conveniently located close to downtown Alamo, schools, and easy access to the 680 freeway.

for more information: https://terrencemcdaniel.exprealty.com/details.php?mls=106&mlsid=41056507

New Listing- Union City

4552 Delores Drive, Union City CA 94587

Nestled in the charming Pioneer neighborhood of Union City. Close to Union Landing Shopping Center, schools, Coyote Hills trail, and many parks. Close to 880 & 84 & 92, BART. One bed and bathroom downstairs. Formal living room, complete with a cozy fireplace. The gourmet kitchen is equipped with stainless steel appliances. Formal dining room with views of the backyard. Recessed lighting, plantation shutters, and new flooring throughout. Fenced front yard and large side yard. Mature trees and fruit trees surround the property. Backyard has patio and grass areas.

Listed for $1,500,000