24% of CA households could buy a $815K home

Housing affordability in the third quarter improved slightly from the prior quarter as mortgage rates remained low while prices began to level off.

24% percent of California households could afford to purchase the $814,580 median-priced home in the third quarter of 2021, up from 23% in second-quarter 2021 but down from 28% in third-quarter 2020.

A minimum annual income of $148,400 was needed to qualify for the purchase of a median-priced home in the latest quarter in the state.

With interest rates expected to rise and the state median price projected to climb further in 2022, the housing affordability condition will likely get worse in the coming year.

Source: California Association of Realtors.

See Glendale's cheapest home sold this week! Did the buyers get a good deal?

Here is the cheapest home sold this week in Glendale.

Asking price: $785,000
Selling price: $870,000

This home has 2 bed/2 baths, 1,054 sq. ft. of living space, and is on a 7,467 sq. ft. lot.

The home features newer bamboo flooring in the living area and there is a detached 2 car garage with laundry hookups.

The owners have upgraded the HVAC and added a tankless water heater.

Do you think the buyers got a good deal?

You really need to see this "Hot Home" in Glendale before it sells!

“Hot Home” alert in Glendale's private Chevy Chase Canyon!

•4 bedrooms

•4 bathrooms

•4,017 sq. ft. of living space

•15,568 sq. ft. lot

The home features a chef's kitchen with designer finishes, stainless steel appliances, a custom theater room, and a nice saltwater pool.

Text me if you want a tour at 818-445-7953.

My client just got a 3.125% interest rate

My father was selling real estate during the late 1970s when interest rates for a mortgage loan were at 18%.

I recently sold a home where my client got a 3.125% interest rate on their mortgage loan.

Read those two lines again.