What are the experts predicting for the fall housing market?
SFGate.com surveyed several real estate industry experts to better understand what they think will happen to the real estate industry in the fall.
On the subject of mortgage rates, SFGate asked Budge Huskey, CEO and president of Premier Sotheby’s International Realty, said, “A pause by the Fed should prevent further creep. It’s anticipated [mortgage rates] will remain in the 6% range through the rest of the year.”
When it comes to supply and demand, Amit Arora, vice president of investments for Opendoor, stated, “Prospective homebuyers are turning to new construction as a way around low inventory. Builder confidence for newly built single-family homes rose in July 2023, so we can expect more buyers to leverage builder incentives. The supply chain continues to be a challenge, but builders are seeing it somewhat normalizing in most markets and believe that it will likely remain as such through 2023.”
On the topic of what the future holds for home prices, Huskey said, “There are areas where price reductions and greater negotiations are common, and others where quality listings are receiving multiple offers — still reaching beyond list price.”
How has remote work trends impacted real estate?
Remote work is shifting from a trend to a fundamental way of doing business and conducting our daily lives, but how has the trend impacted commercial and residential real estate?
Entrepreneur.com investigated remote work and found that commercial real estate will need to change if it’s going to survive. Looking to repurpose commercial spaces into mixed-use, residential, or community-driven spaces may drive demand in the future.
Forward-thinking businesses will continue to support home offices, evolve flexible workspaces, and decentralize office locations. Understanding this shift in work isn’t just about keeping pace with changes, but it’s an opportunity to find ways to innovate and invest in the changing landscape. Finding ways to redevelop commercial spaces or improve worker productivity in a home office setting are just two ways to navigate a remote environment.
In another study from CNN, it’s been observed that remote workers are more willing to move in order to find affordable housing. That can mean moving away from cities or heading off to a completely different country.
Where is it possible to buy a prohibition era estate with a secret?
The Lowry Estate in Los Angeles has just hit the market and it offers a striking design, and a hidden secret. The 4,991 sq. ft. home was built in the prohibition era and comes with a hideaway that was originally used to house illegal alcohol.
The secret floor looks just like a hallway door. When you go into the room, there’s a little storage door. When the little door is open and a shelf is given a push, it opens to an area under the stairs where alcohol used to be hidden.
There’s also a switch in the inside that was used to alert people on the bedroom floor and sets off lights if anyone went near the alcohol.
The home also has four bedrooms, five bathrooms, and gorgeous tilework throughout the home. The fireplaces and most of the light fixtures are original.
How much does all of this cost? It’s listed for just over $4.1 million.
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