American Pacific Mortgage

American Pacific Mortgage

Wednesday, September 4, 2024

Summer Heat and HOT Rates!

Ok, I admit it.  I missed my August Newsletter. The last few months have been so busy, I failed in my task to complete my newsletter. 

As I write this, this week is projected to bring us yet another heat wave.  Now I am regretting my complaints about the cool start to summer.

We've all had too much fun, and now it is time for back to work and school!  Rates have begun to come down, and a few more properties have come onto the market.  Although prices have begun to decrease slightly in some areas, here in Orange County we have the great good (or bad?) fortune of having prices hold, and even continue to increase.  One of the markets in high demand. 

As soon as rates normalize at or below 6% we expect to see a much higher level of activity.  We are getting closer, but not quite there.  Please remember our mantra:  waiting will only bring more competition for properties and there is tremendous pent-up demand.  Too many on the sidelines, for far too long. 

INSURANCE WOES

Insurance is the bogeyman in the picture!  We continue to face many hurdles with home insurance whether for condos or single family homes, or even commercial space.  Some of the insurers who left the market have returned, but with higher rates as now allowed by our insurance commissioner.

Before you complain, please understand that our country (and the world) are experiencing a much higher number of natural disasters…hurricanes, fires, floods, mudslides etc. etc.  Insurance companies are not non-profits.  They can’t continue to lose money.

Real estate ownership is still the best investment you can make, hands down. In the long term you will reap many rewards and provide for future generations.

 SUMMER NEWS

This summer for us was filled with quick trips here and there… Boulder for a wedding;  girl’s trip to La Quinta;  a week in the Eastern High Sierra with almost the entire family;  Paso Robles for wine;  Catalina for swimming and snorkeling;  grandkids sailing championships in San Diego; and grandkids sailing lessons in Dana Point;  music events at the Festival of the Arts in Laguna;  the Pageant of the Masters.  Steve had a show in the Art-A-Fair in Laguna, along with an ongoing exhibit at Studio 7.


We feel incredibly blessed with friends, family, health and happiness. 

Here’s to Fall!  Bring it on!  Football has startedAnd, USC won their opener!  😊

 

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