Real Broker Technologies - The American Team
Anje Walfoot
Anje Walfoort


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Are you wondering what’s really going on in today’s real estate market? In this video, I’m going to explain what’s happening in Shasta and Orange County’s real estate market and how current events are impacting it. We’ll also consider some common fears people have about the market so you know exactly what to expect in the coming months.

Rising Rates

In our current real estate market, there’s always one or two elephants hiding out in the room. However, right now we seem to have several. The first one that we all notice going on is that rates are going up.

This is right in front of our faces, and we hear about it all the time. Rates are currently in the high 4% range, though they will possibly reach into the low 5% range for some people depending on the program. We've watched the rate jump from the high 2s range—which is unbelievable—into the 3s, then crawl up and sneak right into the 4s.
While we expected this to happen, it's happened a little bit quicker than we had hoped.

Overall, throughout history, these are still extremely low rates. So if you've been looking for a home over the last few months, understand that rates and your pre-approvals may have changed. You’ll need to go back, take a look, and speak with your lender to make sure that your rate still offers you the same opportunity to purchase a home at the price that you were looking at.

Will The Market Crash?

We also know that we do not have a crystal ball; we do not know if rates are going to continue to increase to 5%, 6%, or 7%. What we do know is that people are coming to us and stating that they are waiting to purchase a home until the market crashes. I've been hearing this for the last several years.

Going back two to four years ago as prices were inching up, they kept going faster and faster and increasing. Buyers were telling me the same thing; they were going to wait until the market crashed and then make a purchase. At that time, home prices were $100,000 to $150,000 less than they are now.

That means those same buyers got priced out of the market. They may no longer be able to get a home that they feel fits their needs, especially when comparing today's homes to what they were looking at then. They can't get the same thing. Remember this anytime that you are expecting the market to crash.

Supply And Demand

While we can’t know the future or if that is going to happen, what we do currently have is the ability to look at our supply and demand. Market prices are set by inventory supply and buyers’ demand; if we're looking at the fact that our inventory is extremely low and our buyer demand is extremely high, this impacts our pricing.

Because of this, we are still seeing prices continue to rise even though we have increasing interest rates and some difficulties in the economy. The other factor is that so many people are making decisions on what they feel that the market will be like in two years, five years, six months, or even tomorrow. However, they're not looking at the personal factors of why they're purchasing a home.

If you know you're going to be in the same home for the next five, seven, or ten years, you're making a personal decision based on your needs and wants for you, your family, your business, or your fun. The decision to buy is beyond just the pricing, as long as it's reasonable and the payment is affordable to you.

Looking Ahead

When thinking about whether a housing payment will be affordable, you also have to look ahead to the future. Is the payment going to be affordable to you if there are any adjustments in your income? If the market dips, will you be okay until it comes back up? If the market appreciates, will you take advantage of this factor and sell the home?

If you are going to spend the next several years in the same home, you are really looking at how the payment impacts you more than you're looking at the overall pricing. Just remember, it's not always about the market value; it's about your situation and what is going to work best for you long term.

The other thing to consider is that rents are high; we have seen so many increases in rents. It's important to look at what you're gaining by owning a home and what you're gaining by renting a home over time. Real estate has always appreciated in value, so if you are going to be there for a significant amount of time, the odds are that it's going to appreciate. And if you own a home, there are things that you can also do to increase the value.

Should You Buy?

When deciding whether you should buy a home, the important thing is to really look at your personal situation, both in the short term and the long term. Figure out for yourself if it's a good time to purchase a home and how much the pricing impacts you, especially if it fluctuates a little bit.

Additionally, we all know what is going on with gas prices, economic changes, and people moving to different areas. When you're making your decision, definitely look at these items. If the gas prices continue to go up or if the gas prices stay where they are for a lengthy amount of time, are you able to afford to purchase a home? Is it a smart decision for you?

I always tell people it's not about what you can qualify for; it's about what you can truly afford. So remember, when you're making the decision, don't max yourself out. Instead, purchase a home that's going to fit your needs and be financially comfortable for you in the long term.

I’m Here To Help

I hope this gave you a good idea of what’s currently going on in the real estate market. If you're thinking of buying or selling a home in Shasta County or Orange County, I am extremely happy to help you reach your real estate goals. Feel free to reach out to me and I’ll be happy to connect.

Don’t forget to subscribe to my channel so you never miss one of my videos all about real estate. Stay tuned to see what I feature next!

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