Newsletter, 11/11/22

2023 CALIFORNIA HOUSING FORECAST

The baseline scenario of C.A.R.’s “2023 California Housing Market Forecast” sees a decline in existing single-family home sales of 7.2 percent next year to reach 333,450 units, down from the projected 2022 sales figure of 359,220. The 2022 figure is 19.2 percent lower compared with the pace of 444,520 homes sold in 2021.

The California median home price is forecast to retreat 8.8 percent to $758,600 in 2023, following a projected 5.7 percent increase to $831,460 in 2022 from $786,700 in 2021. A less competitive housing market for homebuyers and a normalization in the mix of home sales will curb median price growth next year.

“With the market shifting as home sales and prices are predicted to temper next year, buyers and sellers are adapting to the new realities of the market,” said C.A.R. President Otto Catrina, a Bay Area real estate broker and REALTOR^®. “As sellers adjust their expectations, well-priced homes are still selling quickly. And for buyers: more homes for sale, less competition, and fewer homes selling above asking price, all point to a more favorable market environment for those who were outbid or sat out during the past two years when the market was fiercely competitive.” READ MORE

Housing Market 2023: Early Predictions To Know Now

Strong Spring 2023 Market Ahead

Parmon, who is based out of Portland, Oregon, predicts buyers will wake up as early as Jan. 2, 2023, and decide to go home shopping. Generally, Parmon said she sees multiple offer scenarios earlier in the year. This levels out approaching the summer months when inventory increases.

Dorman also agrees early 2023 is likely to see a stronger spring market than the fall market. Prices may stagnant or fall in some markets, but the shifts should be nothing like what we have seen in the late spring and early summer of 2022.

“I think the market will balance out and have a slow ramp up as interest rates lower in late 2023 or even early 2024,” Dorman said. “Of course, this is all a prediction and I don’t have a crystal ball to foresee the future. This is simply an educated guess based on what I see in the market today.” READ MORE

Will It Be Easier to Buy a Home in 2023?

It’s been a tough year for home buyers. Will things settle down next year?

Key points

• Home buyers have been plagued by sky-high prices and limited inventory this year.
• Things could change for the better come 2023, but it won’t all be smooth sailing.

It’s fair to say that 2022 has been a difficult year to buy a home. We started off the year with housing inventory at an almost ridiculously low. And while real estate inventory has picked up in recent months, we still don’t have enough housing supply to meet buyer demand. That means sellers are continuing to get away with commanding sky-high prices for their homes. And at a time when higher mortgage rates are making borrowing more expensive, that’s not a good thing.

But as rough as it’s been for potential home buyers this year, things could take a turn for the better in 2023. Although buyers might still face some challenges, they might benefit tremendously from having more real estate inventory to choose from. READ MORE

Lazar Real Estate Services

SOLD – 309 Leffler Pl, Turlock

Lovely Single-story home perfectly located near CSU, Dennis Earl Elementary, and Christoffersen Park! Three large bedrooms, walk-in closets, New carpet, and paint. Laminate floors, brick fireplace, vaulted ceilings. Large yard with storage shed and covered patio. READ MORE

 FOR SALE- 2434 Miller Ave. Modesto, 2bd/1bth/1043sf

$355,000 Fresh and clean, this 2 bedroom & 1 bath home is 1, 043 sf with newly installed flooring, fireplace insert, fresh paint (inside and out) & new cooktop, and range. Situated at a corner location, there is plenty of backyard space with a brick patio and possible RV/boat storage on the side. READ MORE

FOR SALE – 1103 Ryker Ct, Turlock, 3bds/2bths/1156 sqft

$395,500 – Quiet neighborhood, this 3 bedroom & 2 bath home is approx. 1,156 sf, with an open floor plan.  Located inside a cul-de-sac, includes a backyard patio with possible RV access on the side. Nice and clean house, close to freeway and shopping center good starting for the first-time home buyer. READ MORE

FOR SALE – 1115 N Quincy Rd. Turlock, 3 Bed/2 Bath/2,106 Sq. Ft

Price Reduced $549,950.00 – And just like that… NEW IMPROVED PRICE and NEW UPDATES!!! If you’re looking for an East Turlock home with large bedrooms and a spacious floor plan, look no further. This comfortable family home is over 2,100 sq. ft. and has 3 bedrooms roomy enough for a growing family. Interior features include a large formal living room, a family room with a brick fireplace open to the kitchen, ample storage, and a dining area. There is parquet flooring in the entry and hallways and new paint throughout. The exterior features a semi-circular driveway and a built-in pool. Conveniently located near Julien School, Turlock High, Starbucks, and East Canal Drive walking path. The composition roof is 4 years old. READ MORE

FOR SALE – 1986 Arbor Way, Turlock, 3(4)bds/2.5bths/2668sq.ft.

NEW PRICE $699,000 – MID-CENTURY HOME OWNED BY RENOWNED LOCAL ARTIST & RECENTLY FEATURED IN THE CARNEGIE ARTS CENTER ART OF DESIGN HOME TOUR! THIS HOME BOASTS OVER 2, 600 S/F WITH A SPACIOUS FLOOR PLAN FEATURING ORIGINAL HARDWOOD WOOD FLOORING THROUGHOUT MUCH OF THE HOME., FORMAL LRM W/ PICTURESQUE WINDOW FRAMING CACTI GARDEN, FORMAL DR., SEPARATE FAMILY RM/DEN., LARGE KITCHEN FEATURING GALVANIZED STEEL & BUTCHER BLOCK COUNTERS W/ STAINLESS APPLIANCES & SPACIOUS DINING NOOK. 3 BR + 2 BA W/ POSSIBLE 4TH BR W/ TONS OF VERSATILITY & STORAGE OPTIONS, & OWNED SOLAR. LANDSCAPED EXTERIOR IS A STANDOUT IN THE NEIGHBORHOOD WITH DROUGHT RESISTANT FRONT YARD W/ ARTISTICALLY CURATED CACTI GARDENS & ARTISTS’ SCULPTURES. REAR YARD INCL. MULTIPLE OUTBUILDINGS INCLUDING A YURT, RV COVERED STORAGE/PARKING, ALLEY ACCESS, BRICK FIREPLACE, MULTIPLE PATIOS W/MISTERS, MATURE TREES & CHARMING CHICKEN COOP – CHICKENS INCLUDED! READ MORE

2128 E Hawkeye Ave. Turlock, 5bds/3bths/3070sf/Lot Sz: 22625

$774,000 – Rare opportunity to own this executive property on a large lot located in one of the most prized neighborhoods in Turlock. 5 Bedroom, 3 bath with approximately 3070 Square feet. Enjoy your large living room w/fireplace, hardwood floors & lots of light. Formal dining area open to living room. Relax in your family room with beautiful wood cathedral ceiling and large stone fireplace. Your kitchen offers Corian countertops, 2 ovens, gas range, breakfast bar and much more. Bedroom near family room could be optional 2nd master (bathroom access and walk-in closet), Yoga space, playroom, office with a view of the pond. Master bedroom has lots of light with access to backyard, Large walk-in closet, bathroom with sunk in tub, separate shower and stained glass windows. Relax or entertain in your beautiful back yard with covered patio, pond, old growth oak tree and much more. Make your family memories with this beautiful home. RV/boat possible. READ MORE

Events this Weekend in Northern California

Call of the Drum, Modesto

Sat, Nov 12, 1 PM

State Theatre of Modesto Inc, 1307 J St, Modesto, CA

Join us for a weekend of drumming at the historic State Theater in Downtown Modesto.

We will be showing the film Rhythms of Life Documentary Film followed by a director’s talk and a drum circle facilitated by us!!

Sunday will feature another showing of the film and a special Culture, Conversation & Cocktails event with an interactive conversation about drumming.

MORE INFO ~ BUY TICKETS