• Home
  • About
    • About
    • Living in Oakhurst
  • Purchase
  • Refinance
  • Loan Options
    • Loan Options
    • VA
    • FHA
    • Conventional
    • Jumbo
    • USDA
    • 2nd Mortgages and HELOC's
    • Construction
    • Bank Statement
    • Rehab/Renovation
    • Non QM Options
  • Resources
    • Resources
    • Mortgage Calculator
    • Search Homes For Sale
    • Home Purchase Qualifier
    • Home Value Estimate
    • Refinance Analysis
  • Blog
  • Contact
  • Apply Now
 
 
Join Our Team!
Book Your Free Consultation
Mortgage Calculator

Mortgage Broker Oakhurst CA | Home Loans | Granite West Funding

If you are looking for a competitive loan for home purchase, refinance or construction in Oakhurst or anywhere in the state of California, Granite West Funding can connect you with a loan suitable for your needs.

Call Us Today! 559-540-2275
  • About
    • About
    • Living in Oakhurst
  • Purchase
  • Refinance
  • Loan Options
    • Loan Options
    • VA
    • FHA
    • Conventional
    • Jumbo
    • USDA
    • 2nd Mortgages & HELOC’s
    • Construction
    • Bank Statement
    • Rehab/Renovation
    • Non QM Options
  • Resources
    • Resources
    • Mortgage Calculator
    • Search Homes For Sale
    • Home Purchase Qualifier
    • Home Value Estimate
    • Refinance Analysis
  • Blog
  • Contact
  • About
    • About
    • Living in Oakhurst
  • Purchase
  • Refinance
  • Loan Options
    • Loan Options
    • VA
    • FHA
    • Conventional
    • Jumbo
    • USDA
    • 2nd Mortgages & HELOC’s
    • Construction
    • Bank Statement
    • Rehab/Renovation
    • Non QM Options
  • Resources
    • Resources
    • Mortgage Calculator
    • Search Homes For Sale
    • Home Purchase Qualifier
    • Home Value Estimate
    • Refinance Analysis
  • Blog
  • Contact
You are here: Home / Home Loans / Are Smaller Homes Becoming the Norm in Central California?

Are Smaller Homes Becoming the Norm in Central California?

October 19, 2021 by Granite West Funding

Buy a Home in California

The latest housing data and statistics have shown some positive signs for prospective homebuyers as listings have been increasing throughout the year.  Although housing inventories are still relatively low, the number of new listings was up 6.5% in July of this year compared to July, 2020.  Furthermore, the new listings were predominantly smaller homes which led to a significant price slowdown.

Affordability And Size

Interestingly enough, homebuyers typically shunned smaller properties earlier in the pandemic for larger ones that provide space for home offices, homeschooling, and outdoor recreation.  However, the current driving force behind the demand for housing is now affordability.  As a result, we’re seeing a surge in condominium popularity.  As of this past June, condos only lasted an average of 22 days after being listed.

Now that more than 50% of all Americans have been vaccinated, the benefits of gyms, pools, and other shared amenities have become more attractive.  In many instances, condo associations are promoting more recreation and more socialization.  As of this past May, the average condo sold higher than the original asking price for the first time in nearly 10 years.  In June, roughly 42% of all condos sold above their asking price, more than double that of June, 2019 and 2020.

Looking For Manageable Small Spaces

Thus, what is the prospective homeowner looking for in the smaller home market? Most are looking for a small space with a small yard to match.  They’re looking for simple cabinets, simple carpeting, simple countertops, etc.  The majority of smaller home shoppers just want 4 walls and a roof over their head that they can afford.  It doesn’t have to be anything fancy, just something they can call home.

The overall outlook has gotten a lot brighter for people wanting to buy their first home.  This is due in part to the fact that some single-family home sellers have started to set their listing prices more competitively.  As of the end of the first week in August, nearly 5% of all listings had dropped their asking price.  Although homes are staying on the market an average of 17 days, and despite the slowdown in price gains, roughly 50% of all home sales involved bidding wars.

Contact Mortgage Professional in California

While interest rates are still sitting near all-time lows, the scales are still tipped in favor of the seller, just not as dramatically.  For more information about the housing market in Central California, call Granite West Funding at (559) 540-2275 today or send us a message by clicking here. Our business representatives can help you at every step of the way and assist you in getting the best mortgage rates!

Filed Under: Home Loans Tagged With: California, Home Loan Tips, Oakhurst

Get Pre-Approved Today

Connecting You With
Your Next Home Loan
in California.

Today's Mortgage Rates!

Popular Blogs

  • 5 Signs That Indicate It’s Time To Purchase Investment Properties

    5 Signs That Indicate It’s Time To Purchase Investment Properties

  • How Do Investment Mortgage Brokers Differ From Regular Ones?

    How Do Investment Mortgage Brokers Differ From Regular Ones?

  • 5 Benefits of working with a Real Estate Broker when buying Investment Property

    5 Benefits of working with a Real Estate Broker when buying Investment Property

  • How To Find the Best Mortgage Lender for your Loan

    How To Find the Best Mortgage Lender for your Loan

  • 5 Helpful Tips for finding Investment Properties

    5 Helpful Tips for finding Investment Properties

Let's Connect

FacebookTwitterLinkedinYoutubeInstagram

Navigation

  • About
  • Living In Oakhurst
  • Purchase
  • Refinance
  • Blog
  • Contact
  • Apply Now

Loan Options

  • VA Loans
  • FHA Loans
  • Conventional Loans
  • Jumbo Loans
  • USDA Loans
  • Construction Loans
  • Bank Statement Loans
  • 2nd Mortgage/HELOCs
  • Rehab/Renovation Loans
  • Non QM Options

Resources

  • Mortgage Calculator
  • Search Homes For Sale
  • Home Purchase Qualifier
  • Home Value Estimate
  • Refinance Analysis

Contact

  • Granite West Funding, LLC
  • A | 40879 CA-41 #1a
    Oakhurst, CA 93644
  • P | 559-540-2275
  • E | andrew@granitewestfunding.com
  • E | eric@granitewestfunding.com
  • E | jesse@granitewestfunding.com
  • NMLS 200726
  • Find us on Google
FacebookTwitterLinkedinYoutubeInstagram
Granite West Funding, LLC

Copyright © Granite West Funding, LLC All Rights Reserved.
Terms of Use | Privacy Policy


Equal Housing Lender

Granite West Funding, LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

Copyright © 2023 · granite on Genesis Framework · WordPress · Log in