The population of Inyo County is approximately 17,945. Whitney - elevation 14,496 feet), the lowest point in the United States (Death Valley – 296 feet below sea level), the nation’s deepest valley (Owens Valley), and the oldest living trees (Bristlecone Pines). Within its boundaries lie the highest point in the contiguous United States (Mt.
It is the second largest county in the state of California, consisting of 6,490,200 acres or 10,140 square miles. He is the Broker at Bishop Real Estate Rasmuson & Associates.Inyo County is a “general law” county created in 1866. Demand outpaces supply in the Owens Valley.įor additional real estate articles and local real estate market statistics, please visit Jake Rasmuson is a 1999 graduate of Bishop Union High School, and has a Master’s of Science Real Estate degree from the University of San Diego.
Supply and demand will always be critical components of home prices. Demand for the Eastern Sierra remains high and growing, as the ability of many people to work remotely continues to be a way of life. With only 1.7% privately owned land, most of which is already developed, our availability of homes is quite limited.
According to the California Association of Realtors, the June statewide median home price was $863,790Īside from the attraction of our stunning scenery, the charm of our small towns, lack of traffic and congestion and crime, the Owens Valley communities have another significant advantage to bolster its real estate market. Prices have increased locally over the past several years the current median home price of $550,000 is much lower than many other areas of California and the West Coast. The reduction in the number of home buyers combined with rising inventory of homes for sale will slow or stop price appreciation. While the inventory of homes available for sale has begun to grow, it remains well below pre-pandemic levels. The rise in interest rates and home price increases over the past several years have created a record low affordability ratio. Other buyers may choose smaller or lower-priced homes due to the increased cost. This is a trend that will persist if rates continue to rise. As a result of the rise in rates, many home buyers have been priced out of the market. This increase has decreased home buyers’ purchasing power by almost 20% in numerous price ranges. The federal reserves’ increase in interest rates to control inflation has caused rates to rise an additional 2% in the past six months. This gives a vast majority of homeowners the ability to sell their homes should they be unable to pay their mortgage. Only 2.5% of homeowners have less than 10% equity in their home, and the number of borrowers with over 20% equity hit a record high this year. There are currently less than 3% of mortgages past due. In 2007 prior to the market crash, there were 13.1 million adjustable-rate mortgages, representing 36% of all mortgages.ĭelinquencies have remained low throughout the pandemic. This represents about 8% of all mortgages. At present, there are 2.5 million ARM or adjustable-rate mortgages. This allows loans to increase or decrease in the future, affecting the borrower’s monthly payment. Some mortgages are available with adjustable rates with a lower rate initially but can adjust after a predetermined time. Generally, most borrowers acquire a mortgage that is at a fixed rate for the entirety of the loan. In the years after, lenders have added significantly stricter lending guidelines. It was 699 in 2010, shortly after the crash of 2008. The health of both the residential real estate industry and the underlying mortgage can be explained by several factors.Īccording to Black Knight, a mortgage technology and data provider, mortgage borrower average FICO credit score is a record high of 751. The downturn may slow down sales and price appreciation however, the housing market is in a much better state than it was in 2008. There are significant signs that the national housing market is cooling off, fueled by rising interest rates and inflation.
0 kommentar(er)
