Stockton, CA, is a vibrant city that offers a plethora of exciting activities, attractions, and is one of the best places to live in California. Whether you’re a history enthusiast, nature lover, or a foodie, Stockton has something for everyone. If you’re considering moving to Stockton, you’ll be delighted to know that the city has a range of options, including apartments for rent in Stockton and homes for sale.
In this Redfin article, we’ll explore the top things to do in Stockton, ensuring you have a memorable and fun-filled experience while providing valuable information for those looking to make Stockton their home.
1. Catch a live performance at the Bob Hope Theatre
Immerse yourself in the arts by attending a live performance at the historic Bob Hope Theatre. This beautifully restored venue hosts a variety of shows, including Broadway productions, concerts, and comedy acts. Enjoy the grandeur of the theater’s interior while being entertained by world-class performers.
2. See the Stockton Cambodian Buddhist Temple
As one travel blog, Travopo describes, “discover Stockton’s multicultural landscape with a visit to the Stockton Cambodian Buddhist Temple. This off-the-beaten-track gem features over 90 colorful, larger-than-life statues that beautifully narrate the story of the Buddha. Immerse yourself in the unique atmosphere of this hidden treasure and gain a deeper understanding of Stockton’s diverse cultural heritage.”
3. Take a stroll through the magnificent Haggin Museum
Begin your Stockton adventure by immersing yourself in art and history at the Haggin Museum. This remarkable institution boasts an impressive collection of American and European art, along with exhibits that showcase Stockton’s rich heritage. Admire stunning paintings, sculptures, and decorative arts while appreciating the beautiful architectural design of the building.
4. Discover the serene beauty of the Stockton Delta
Escape the hustle and bustle of city life by exploring the serene Stockton Delta. Hop on a boat tour and meander through picturesque waterways, enjoying the peaceful surroundings and breathtaking scenery. As you glide along the delta, keep an eye out for diverse wildlife, including egrets, herons, and even playful river otters.
5. Explore local history at the San Joaquin County Historical Museum
Uncover the fascinating history of Stockton at the San Joaquin County Historical Museum. Located in Micke Grove Regional Park, this museum offers a captivating journey through time. Explore the exhibits, which include artifacts, photographs, and interactive displays, providing insights into the area’s cultural heritage and the lives of its early inhabitants.
6. Embark on an outdoor adventure at Oak Grove Regional Park
Nature enthusiasts will delight in the beauty of Oak Grove Regional Park. Spanning over 180 acres, this sprawling park offers a range of recreational activities. Enjoy a leisurely picnic, go fishing in the serene lake, or take a hike along one of the scenic trails. With its abundant greenery and peaceful ambiance, Oak Grove is the perfect place to reconnect with nature.
7. Savor delicious culinary delights
Stockton’s culinary scene is a hidden gem waiting to be discovered. The city boasts a wide array of restaurants, cafes, and food trucks, each offering their own unique flavors. Indulge in delectable Mexican cuisine, tantalizing Asian fusion dishes, or classic American comfort food. Don’t forget to try Stockton’s famous carnitas tacos for an authentic local taste.
8. Enjoy fun-filled day at Pixie Woods
For a day of excitement and laughter, head to Pixie Woods, Stockton’s charming amusement park. This magical destination is perfect for family and friends, featuring whimsical rides, enchanting gardens, and engaging entertainment. Kids can explore the interactive play areas, ride the Pixie Express train, or go for a spin on the vintage carousel.
9. Experience the Woodbridge Ecological Reserve
According to travel site, Journey Beyond the Horizon, “uncover the untouched beauty of Woodbridge Ecological Reserve, a short distance from Stockton. This wetland habitat, situated just 19 miles north of the city, transports you back in time, offering a glimpse of the Central Valley’s centuries-old landscape. Observe endangered Sandhill cranes, majestic Canada geese, snow geese, and tundra swans. Explore this captivating reserve, home to red-wing blackbirds, American kestrels, meadowlarks, and ring-necked pheasants. Enhance your visit by joining a guided tour, providing educational insights into the reserve’s inhabitants. With binoculars in hand, experience Stockton’s authentic natural allure from a whole new perspective.”
Welcome to San Diego, a city known for its stunning coastline, year-round sunshine, and vibrant lifestyle. If you’re in the market to buy a luxury home in this captivating city, you’re in for a treat. San Diego’s luxury real estate market offers an array of remarkable features and amenities that cater to the discerning tastes of potential homebuyers.
From breathtaking oceanfront properties with panoramic views to state-of-the-art smart home technologies and exquisite outdoor living spaces, this Redfin article explores the extraordinary features that make luxury homes in San Diego truly stand out. Whether you seek a serene retreat overlooking the Pacific or a modern oasis with the latest in luxury living, join us as we dive into the world of luxury home features in the San Diego housing market, where your dream residence awaits.
Top neighborhoods with luxury home features in San Diego
There are several neighborhoods renowned for their luxury homes and exceptional features in San Diego where homebuyers are willing to pay premium prices. With a median sale price of $4.2 million in May 2023, Rancho Santa Fe offers exclusive estates and sprawling properties, and is highly regarded for its privacy, elegance, and upscale amenities. Del Mar, known for its stunning coastal location, offers luxurious properties that provide breathtaking ocean views and beach access, and a vibrant lifestyle. Homes in Del Mar are also set at premium prices, with a median sale price of nearly $3 million. Lastly, homes in the La Jolla neighborhood, a prestigious coastal community, saw a median sale price of almost $2 million in May 2023. This neighborhood is celebrated for its cliffside estates, panoramic ocean vistas, and proximity to upscale dining and shopping.
6 popular luxury home features in San Diego
1. Seamless indoor-outdoor living spaces
You can expect a seamless fusion of indoor and outdoor spaces in luxury homes in San Diego, creating a harmonious connection with the picturesque surroundings. These homes often feature expansive walls of glass, retractable doors, or large sliders that effortlessly blend interior and exterior areas.
The inviting outdoor spaces are thoughtfully designed with spacious patios, lush landscaping, and resort-style amenities such as swimming pools, outdoor kitchens, and fire pits. Homeowners can enjoy the year-round pleasant climate, hosting gatherings that flow seamlessly from the indoor living areas to the outdoor oasis. Breathtaking views of the Pacific Ocean, rolling hills, or manicured gardens provide a captivating backdrop, further enhancing the indoor-outdoor living experience. These homes redefine luxury living in San Diego, embracing the region’s natural beauty and offering an unparalleled lifestyle that seamlessly integrates with the outdoors.
2. Luxury living on expansive property
Homebuyers exploring expansive properties in San Diego can expect to find an array of luxurious amenities that elevate the living experience to new heights. These properties often boast meticulously landscaped grounds, including sprawling gardens, lush lawns, and serene water features such as fountains or ponds.
Outdoor living spaces are a common highlight, featuring resort-style swimming pools, expansive patios for al fresco dining, and fully equipped outdoor kitchens for entertaining guests. Sports enthusiasts may discover private tennis or basketball courts, while those seeking relaxation might find tranquil spa areas or meditation gardens. Additionally, expansive properties often offer ample space for guesthouses, home gyms, or home offices, providing versatility and room to customize the living space according to individual needs. With their abundant amenities and room for personalization, these properties exemplify the epitome of luxury living in San Diego.
3. Exquisite touches in the primary suite
An updated bathroom is an essential luxury home feature in San Diego, particularly the primary bath, where meticulous attention is paid to luxurious finishes and impeccable details to create a spa-like experience. Spacious walk-in showers with multiple shower heads, soaking tubs, heated floors, and smart technology for lighting and temperature control are common features that enhance the overall bathing experience. In the primary bathroom, it’s common to find both a soaking tub and a shower, providing residents with a serene spa-like experience to unwind and indulge in relaxation.
Separate walk-in closets in the primary suite have become an increasingly sought-after addition in luxury homes. Designed with meticulous attention to detail, these closets are tailored to maximize personal space and organization, offering an abundance of storage for clothing, accessories, and personal belongings. With dedicated sections for each partner, these closets go beyond functionality, creating a sense of luxury and harmony in the home. They provide convenience and ease during daily routines, eliminating the need to share or compromise on storage space. These thoughtfully designed closets often feature built-in shelving, specialized compartments, and ample hanging space, ensuring that every item has its designated place.
4. Sustainable features to minimize carbon footprint
Luxury homes today have evolved to encompass not only opulence and comfort but also sustainability and self-sufficiency to help minimize carbon footprint. These modern residences prioritize eco-conscious living by integrating features like solar panels, energy-efficient appliances, and systems.
By harnessing solar power, homeowners can reduce their reliance on traditional energy sources, and with energy-efficient appliances, including water heaters and HVAC systems, optimize energy usage while maintaining a comfortable living environment. Luxury homes also cater to the growing popularity of electric vehicles by offering car chargers for convenient at-home charging. This integration of self-sufficiency and sustainability has become a highly sought-after feature among potential homebuyers in San Diego, reflecting their increasing awareness and desire for residences that align with their eco-conscious values.
5. Picturesque view of San Diego’s beautiful landscape
Luxury properties in San Diego are often strategically positioned to maximize the beauty of the natural landscape, boasting breathtaking views that encompass the picturesque surroundings of the ocean, mountains, canyons, and open spaces. With expansive windows and thoughtfully designed floor plans, these homes ensure that the captivating scenery is always in view, creating a seamless connection between indoor and outdoor spaces.
6. Accessory Dwelling Units (ADUs)
In the luxury market of San Diego, Accessory Dwelling Units (ADUs) have become a sought-after home feature due to their versatility and investment potential. ADUs offer flexibility for guest accommodations, home offices, or rental income opportunities, enhancing a property’s appeal. They maximize land usage while preserving privacy and independence, contributing to the trend of sustainable living. This additional space can also significantly impact the sale price of a listing in San Diego, reflecting high demand. For example, a recent Redfin Premier listing showcased a captivating compound-like setting, including a main residence, ADU, studio, pool, deck, and manicured garden. Buyers were drawn to the potential for multi-generational living, guest accommodations, home offices, and entertainment, creating a resort-like lifestyle within a private retreat.
As you embark on your search for the perfect home in San Diego, working with a Redfin Premier agent is essential. They’re equipped with the expertise and knowledge to guide you through the process, navigate the San Diego housing market, and buy your dream home.
Living in Santa Barbara offers a vibrant culinary and dining scene. Perhaps you’re a local seeking new flavors, a visitor exploring the city’s gastronomic offerings, or even searching for apartments for rent or homes for sale in Santa Barbara. This Redfin article will share 6 Santa Barbara restaurants that will satisfy your taste buds and leave you hungry for more.
Join us as we uncover elegant fine dining establishments to charming cafes and vegan havens. This is your opportunity to immerse yourself in the culinary tapestry of this enchanting town. Let’s get started.
1. Blackbird Restaurants
Located in the Hotel California in Santa Barbara, Blackbird offers a culinary experience combining elegance and a modern twist. The restaurant boasts a diverse menu featuring an array of delectable options. One standout item is the 1925 Cocktail, a beautiful blend of mezcal, lime, chartreuse, maraschino luxardo, and hickory smoke. Additionally, Blackbird presents the Sea Urchin plate, a delicacy for seafood enthusiasts.
2. Boathouse at Hendry’s Beach
The Boathouse at Hendry’s Beach is a picturesque waterfront restaurant that offers breathtaking views of the Pacific Ocean. Whether you visit for breakfast, lunch, or dinner, the Boathouse provides a delightful dining experience. The menu showcases a variety of options to satisfy all palates. Start your day with their signature breakfast, a scrumptious plate of crab, poached eggs, and a delightful hollandaise. Their benedicts are a popular choice for brunch or lunch, featuring classic favorites with a Boathouse twist. During dinner, indulge in their freshly shucked oysters dipped in cocktail sauce.
3. L’antica Pizzeria Da Michele
Nestled in downtown Santa Barbara on State Street, L’antica Pizzeria Da Michele captures the essence of Neapolitan cuisine. The restaurant is renowned for its authentic Neapolitan-style pizza, cooked perfectly in a traditional stone oven. As you step inside, you’ll be greeted by the inviting aromas of freshly baked dough and the ambiance of the dining area. Owned by Francesco Zimone, who hails from Naples, Italy, this eatery stays true to its roots. One must-try pizza is the Diavola, featuring a harmonious blend of flavors from tomato, dior di latte, pecorino, and basil.
4. Handlebar Coffee Roasters
Handlebar Coffee Roasters, with two locations in Santa Barbara, is a haven for coffee aficionados seeking a delightful cup of joe. Handlebar Coffee Roasters has you covered whether you’re in a hurry or prefer to relax and soak in the vibrant atmosphere. Grab a to-go cup of their meticulously crafted coffee and a delectable pastry, or immerse yourself in the bustling and social ambiance as they offer an abundance of seating options.
5. Mesa Verde Restaurant
Among the mix of Santa Barbara restaurants, discover Mesa Verde Restaurant, a vegan culinary gem that delivers vibrant Mediterranean flavors. This plant-based eatery offers a diverse menu that includes brussel mushroom tacos, Impossible meat-filled burritos, and other masterfully crafted dishes that showcase the versatility of plant-based ingredients.
6. Alessia Patisserie and Cafe
Alessia Patisserie and Cafe is a delightful culinary haven in Santa Barbara that offers a taste of Europe. This charming establishment caters to breakfast and brunch enthusiasts with various delectable options. Start your day with their flavorful quiches, each boasting a buttery crust and a delightful combination of savory fillings. If you prefer eggs, their omelets are perfect, prepared with skill, and accompanied by a selection of delectable ingredients.
While there are a lot of new faces and startups in the mortgage industry, few companies have stood the test of time, especially with the Great Recession rearing its ugly head in the early 2000s.
But one mortgage company, Houston, Texas-based Cornerstone Home Lending, has been serving its communities since 1988.
The direct-to-consumer retail lender has more than 30 years of experience doling out home loans to satisfied customers, but also takes the time to embrace new technologies as evidenced by their smartphone app.
Cornerstone Home Lending Fast Facts
Retail mortgage lender based in Houston, Texas
Founded in the late 1980s by Marc N. Laird and Judy Belanger
Licensed in 41 states with 200 offices in 22 states
Over 500 loan officers and 1,500 team members
Funded roughly $6 billion in home loans during 2019
As noted, Cornerstone Home Lending, or CHL for short, has been around a while, much longer than the average mortgage company these days.
They claim to rank #30 nationally in annual home loan volume, and 10th nationally among independent mortgage companies.
In their latest full year, they closed about $6 billion in homes, with a home purchase loan share of roughly 72%.
The rest were home refinance loans, with about 10% of that share containing cash out to the borrower.
A good chunk of their total production consisted of conventional home loans (60%), with another 15% FHA loans, 13% jumbo loans, and 11% VA.
Most of the loans closed last year were 30-year fixed mortgages, though they also originated 15-year fixed mortgages and 7/1 ARMs as well.
Some 30% of total lending volume took place in their home state of Texas, which comes as no surprise.
They currently lend in 41 states and DC, but aren’t available in Connecticut, Georgia, Hawaii, Illinois, Massachusetts, New Jersey, New York, Rhode Island, and Vermont.
Applying for a Mortgage with Cornerstone Home Lending
You have the option of getting pre-qualified via their website or smartphone app
Visiting a branch office if one is located near you
Or calling them directly to go over a loan scenario and get pricing
To get the ball rolling, you can either visit their website and navigate to the “prequalify” page, or download their smartphone app called LoanFly and then click on “prequalify.”
Both methods require you to fill out a short form with just your contact information, at which point you’ll be contacted by a loan officer.
They say you can get pre-qualified for a mortgage in as little as 15 minutes during normal business hours.
From the LoanFly app, you can also request a mortgage rate or a callback from a loan officer.
Alternatively, you can call Cornerstone Home Lending directly to get pre-qualified or to discuss a loan scenario. Or visit a local branch office if one is located near you.
Branches appear to be located in the following states: AK, AR, AZ, CA, CO, FL, MD, MO, MS, MT, NC, NM, NV, OK, OR, TX, UT, VA, WA, WI, WY
It’s unclear if you can actually apply for a mortgage on your own, which is often an option with the most tech-savvy mortgage lenders these days.
Once in contact with a loan officer, they can walk you through the loan process and answer any additional questions you may have.
After your loan has been submitted, you can use the borrower portal to check loan status, upload documents, and satisfy conditions, via the app or the website.
Cornerstone Home Lending Loan Options
Home purchase loans and refinance loans (including cash-out refinances)
Conventional loans backed by Fannie Mae and Freddie Mac
Government loans backed by the FHA, USDA, and VA
Jumbo home loans
Fixed-rate and adjustable-rate options available
Cornerstone is currently approved and in good standing with Fannie Mae and Freddie Mac, along with the FHA, VA, and USDA.
They offer both home purchase loans and refinance loans, but it’s unclear if they offer second mortgages or home renovation products.
The details on their website are a bit scant when it comes to loan options, though they do mention the loan types above, along with jumbo loans.
Additionally, you can get a fixed-rate mortgage or an adjustable-rate mortgage, with varieties like a 30-year fixed or 15-year fixed, and a 5/1 ARM or 7/1 ARM.
So all the usual stuff but nothing too fancy by the looks of it. They say their loan officers have access to hundreds of loan products, which means there’s probably more than what’s listed on their website.
Cornerstone Home Lending Mortgage Rates
Cornerstone doesn’t advertise its mortgage rates online so we don’t know where they stand pricing-wise.
The only thing they say is that they offer “ultra-competitive rates,” which begs the question, why not share them?
Additionally, there’s no information regarding lender fees, so we don’t know if they charge a loan origination fee, underwriting fee, and so on.
If and when getting a quote from Cornerstone Home Lending, be sure to compare it to other lenders to see how competitive they are.
There are literally thousands of mortgage lenders out there to choose from, so put in the time if you want a great rate with low closing costs.
Cornerstone Home Lending Reviews
First off, they’ve got incredible reviews on Zillow, with a 4.96-star rating out of 5 based on feedback from nearly 2,500 past customers.
What’s nice about the Zillow reviews is you can see who the customer worked with, click on that individual’s name, and get all their reviews as well.
This is helpful with large mortgage companies that have tons of employees since experiences can vary greatly from one loan officer to the next.
Many of the Zillow reviews indicated a lower mortgage rate than expected, while many said the closing costs were as expected.
On BirdEye, they’ve got a 4.9-star rating based on about 800 reviews, so they seem to be consistently highly-rated.
They also list a bunch of customer reviews right on their website, which seem to the most recent ones available.
Cornerstone Home Lending is BBB accredited since 1997 and currently has an A+ BBB rating. Their customer reviews on the BBB aren’t great, which is the norm for BBB customer reviews.
Cornerstone Home Lending Pros and Cons
The Good
Excellent reviews from thousands of past customers
A free smartphone app and online borrower portal
Physical branches in many states where they operate
In-house processing, underwriting, and funding
Average industry tenure of its employees is 10+ years
The Possible Not-so-Good
Not licensed in all states
Unclear if you apply for a mortgage all on your own
Don’t list specific loan programs that are available
Do not advertise their mortgage rates or lender fees
With the news this month that the housing market hit a milestone by showing the first year-over-year price decline in recent memory, homeowners who’d considered finally selling their home this year are finding themselves discouraged yet again.
What happened, they might wonder, to the not-so-distant glory days of frantic bidding wars and over-ask offers? Plenty of frustrated owners seem worried that the window for a fast and lucrative home sale might be shutting fast.
But here’s the reality: The U.S. housing market is no monolith. Although it’s true that many of the hottest markets of the past few years have seen prices fall in the wake of higher mortgage interest rates that broadly dampened home shoppers’ buying power, there are still cities where buyers continue to snatch up homes quickly and where sellers are getting their full asking price—or more.
This is why the Realtor.com® data team dug in to find the U.S. real estate markets that most favor sellers. (Sorry, buyers!)
The best places for sellers generally have persistently low housing inventory, strong demand from buyers, and often—but not always—lower prices that have room to swell. These are generally affordable metropolitan areas in the Northeast with a few in the Midwest.
Three of the metros on our list—Hartford, CT, Worcester, MA, and Providence, RI—are so close, you could tour homes in all of them in a single day. Our ranking also has one spot in the South and a somewhat bizarre outlier in California—more on that later.
To figure out if an area is a buyer’s or seller’s market, Pamela Ermen likes to track the change in the number of closed sales per month, compared with the change in the number of new listings per month.
“When sales are going up and inventory is going down, that’s a real seller’s market,” says Ermen, a Virginia Beach–based Realtor® at Re/Max and a speaker and coach at Real Estate Guidance.
Still, sellers who focus solely on low inventory can wrongly conclude that they can list their home at a higher price than an agent might advise. That can lead to their property languishing on the market not receiving strong offers. Meanwhile, buyers who focus only on the number of sales going down might wrongly think there’s less competition. That might result in heartache when they find out the hard way that many homes are still getting multiple offers.
To find true seller-friendly places, the Realtor.com data team looked at the May 2023 listing data for the 100 largest metropolitan areas. Then we ranked each based on the number of days that the median listing is on the market, combined with the portion of listings that have had the price reduced. These metrics tell us where homes are selling faster than average and with fewer sellers having to reduce their price to make the sale.
We selected just one metro area per state to ensure geographical diversity. (Metros include the main city and surrounding towns, suburbs, and smaller urban areas.)
Here’s where sellers can expect the market to be most tilted in their favor this summer.
Median list price: $265,000 Median days on the market: 13 Listings with a price reduction: 1 in 17
Rochester, on the western edge of New York along the southern shore of Lake Ontario, not only is at the top of our seller’s saviors list—it’s also in a class of its own. Rochester had both the lowest number of days on the market and the lowest portion of listings with a price reduction. But this is nothing new for the so-called Flower City.
The metro area has become a mainstay of the Realtor.com hottest real estate markets list. It’s also where sellers are usually still getting their asking price, and where buyers can find one of the largest selections of homes for less than $200,000. Plus, home prices are well below the national median list price of $441,500 in May.
These affordable homes have made the area appealing to locals, out-of-towners, and investors.
“If you’re priced right in our market, you can expect to still sell in about one week,” says Jenna May, a local real estate agent at Keller Williams Realty.
When the market was at its pandemic peak in 2022, and even before anyone had heard of COVID-19, Rochester was still leading the nation in the low number of days on the market. Demand here for homes is high and seems destined to stay that way.
“There are people who are offering $80,000 over listing price and not getting the home,” says May. “It’s that competitive.”
Median list price: $424,925 Median days on the market: 19 Listings with a price reduction: 1 in 14
The capital city of Connecticut is also no stranger to the Realtor.com list of the nation’s hottest real estate markets. Hartford is the largest population hub in the state, with 1.2 million residents.
It also boasts home prices that are about 5% below the national median.
“The Northeast has been well undervalued compared with other markets—and not just for years, but for decades,” says Lisa Barrall-Matt, a senior broker at Berkshire Hathaway in West Hartford.
Homes in the Hartford area have been priced $100,000 less than comparable homes in other markets, Barrall-Matt says, for so long that she began to take it for granted.
Now, she’s feeling vindicated: “I used to say, ‘Why aren’t prices higher?’ Now I’m saying, ‘Where’s the ceiling?’”
Median list price: $622,500 Median days on the market: 24 Listings with a price reduction: 1 in 13
Portland became a popular pandemic destination for Northeasterners looking for a scenic, coastal city with some great restaurants, entertainment, and a brewery scene. The area has a rich history, having a Native American presence dating more than 10,000 years before becoming an early Colonial settlement.
The above-average prices in this artsy city on Casco Bay aren’t keeping sellers from enjoying quick sales. In fact, few listings are getting marked down. The demand for housing here is just so strong. Portland has been featured on our list of the best places to retire in 2022, and it has one of the last year’s hottest neighborhoods: Windham, just on the northwestern edge of Portland proper.
Prices in Portland have grown significantly faster during the pandemic—from May 2019 to now—than they did in most of the country. Where prices rose about 40% nationally, prices in Portland have grown by about 62%. Just since this time last year, prices rose 17%.
A newer four-bedroom home in South Portland that’s within walking distance of Fore River is listed for $650,000, close to the area average.
Median list price: $517,450 Median days on the market: 19 Listings with a price reduction: 1 in 10
Worcester, about 40 miles west of Boston, was nicknamed the “Heart of the Commonwealth” because of its central location in Massachusetts.
This medium-sized metro has a name that’s fun to say, like “rooster” but with a W. But it simply doesn’t have enough homes to match the high interest from potential buyers, according to Nick McNeil, a local Realtor with the Lux Group.
“The amount of demand and the absolute lack of inventory is nuts,” he says. “And there’s not much room for new construction in this area, with tight regulations on what can be built.”
Until there’s some kind of change in the supply and demand dynamic in the area, McNeil says, it’s going to be hard for buyers, and relatively easy for sellers—as long as they’re not also trying to buy.
“The best situation you can be in is if you can sell now,” he says.
Median list price: $384,250 Median days on the market: 25 Listings with a price reduction: 1 in 10
Amid the rolling hills of Eastern Pennsylvania’s Lehigh Valley, about 60 miles northwest of Philadelphia, Allentown has a few things going for sellers right now. The portion of homes with a price reduction is about half the national average, and homes are selling about 40% faster.
Like some other places on this list, the homes in this historic steel town are priced below the national average. But local incomes are a bit higher than average, offering buyers more affordability. That’s helping the real estate market to remain competitive as buyers seek out deals.
Allentown offers a mix of urban, suburban, and rural lifestyles, making it broadly attractive for buyers.
What’s especially notable about the area is the price growth over the past several years. Allentown metro prices have risen by 78% since before the pandemic, ahead of all the other places on this list.
For about the local median price in Allentown, buyers can find a five-bedroom bungalow in the Hamilton Park neighborhood west of downtown Allentown.
Median list price: $374,950 Median days on the market: 29 Listings with a price reduction: 1 in 11
Perched on the western shore of Lake Michigan in southeastern Wisconsin, Milwaukee is known for its breweries, including Miller and Pabst. It’s also where Harley-Davidson was founded. And it’s been a staple of housing affordability for some time.
However, prices have been rising in Milwaukee’s metro area: They rose by around 11% compared with this time last year.
The median number of days on the market is below the average now, just like it was before the pandemic. The same goes for the portion of listings with a price reduction. This is all very good news for home sellers hoping for a quick, profitable sale.
For $375,000, a buyer can get a large, four-bedroom home just 5 minutes from hiking trails, a golf course, and a dog park, all along the shoreline.
Median list price: $386,973 Median days on the market: 29 Listings with a price reduction: 1 in 9
The Virginia Beach metro area, a popular vacation spot for beach, maritime history, and seafood lovers, is another place where incomes are higher than average and home prices are lower.
Last year, sellers could count on getting multiple offers, usually leading to potential buyers bidding up the price, says Virginia Beach–based Realtor Ermen. Now, it’s not as easy to figure out that pricing sweet spot. If the home is listed too high, that’s when there’s eventually pressure to reduce the price.
In the month of May, even with a low number of price reductions, Erman says, “90% of price reductions were made before the listing hit the average time on market.”
That indicates sellers are getting antsy, and probably would have been better off pricing the home lower to begin with. But homes that are priced to sell are still moving briskly.
Median list price: $1,530,000 Median days on the market: 25 Listings with a price reduction: 1 in 9
San Jose is the oddball on this list.
Nestled in the heart of Silicon Valley, it is one of the most expensive real estate markets in the nation. Homes in this San Francisco Bay Area hot spot cost more than triple the national average, which means real estate attracts a very specific buyer.
Because San Jose is a global technology hub, its population is very diverse, and not just racially or ethnically. Roughly 40% of residents were born outside of the U.S., according to the U.S. Census Bureau. Most significantly, many residents have tons of money to spend, whether they’re high-salaried tech employees or they have had an entrepreneurial startup windfall.
Local real estate agents will tell you that San Jose is simply insulated from many of the market dynamics because the clientele is so wealthy. If they’re making an all-cash purchase, they don’t have to worry about higher mortgage rates. And that’s a big boon for sellers.
Median list price: $539,950 Median days on the market: 31 Listings with a price reduction: 1 in 10
Providence, home to Brown University and the Rhode Island School of Design, is a bustling town filled with older homes. About 50 miles southwest of Boston, it’s one of the medium-sized, Northeastern metros on our list that are enjoying especially strong housing markets right now.
Providence prices are significantly above the national average, but compared with nearby Boston, where the median list price is north of $850,000, Providence is a downright bargain.
Plus, it’s got a lot going for it. It boasts beautiful scenery along the Seekonk River, a thriving arts scene, and good jobs. The headquarters for CVS is located in nearby Woonsocket.
In Providence, for $550,000, a little above the local average, buyers can find a midcentury two-bedroom home with classic brick construction about 15 minutes from downtown.
Median list price: $229,950 Median days on the market: 31 Listings with a price reduction: 1 in 9
Home prices in this Rust Belt city, which has struggled in more recent years, are still dramatically lower than the national average—about 45% less expensive. And with the focus of buyers on affordability, it’s no wonder that Toledo has taken off.
In the past year, median list prices in Toledo have risen by 25% (10% per square foot), which is quite a bit higher than before the pandemic.
For less than the median list price in Toledo, buyers can get a massive, six-bedroom home in Toledo’s Old West End neighborhood, just northwest of downtown.
Ever since I can remember, I’ve had a wild imagination and, consequently, a lot of big ideas. While this prepared me to be a natural entrepreneur, it wasn’t always enough to make me confident in my ability to pave my own way. After all, it was incredibly rare for me to see folks like me, a member of the LGBTQ+ community, successfully running small businesses in my rural town.
It wasn’t until I met my first LGBTQ+ small business owner, at a Pride event, that I realized that I could turn my big ideas into a business. This is exactly why supporting LGBTQ+ small businesses is so important, not only so that the world can continue to enjoy their amazing goods and services, but so kids like me don’t have to grow up thinking business ownership is out of reach.
This Pride Month, and beyond, I encourage you to try your best to support LGBTQ+-owned small businesses. Here are some of my favorites.
What’s Ahead:
1. Little Woodfords – Portland, ME
When my husband and I first moved in together, we were right down the street from Little Woodfords. I quickly found myself finding every excuse to walk by them, that way I could pop in for one of the most delicious cups of coffee that I have ever had (seriously, their coffee is incredible).
However, what I love about Little Woodfords, even more than their coffee, is the community that they have built from within their tiny little shop. When you walk in, you are greeted with a genuine smile that sticks with you the entire day.
2. Queer Candle Company – New York City, NY
Founded by couple, Ab and Al, Queer Candle Company makes some of the best smelling candles on this planet. If you love candles as much as I do, it will be your new favorite place to shop. Trust me, as soon as you burn their Sweet Grapefruit & Mint soy candle, you won’t want to buy from any other shop.
Supporting Queer Candle Company isn’t just about filling your home with delicious scents. When you buy from them, you are not only supporting Ab and Al, but you are also supporting other members of the LGBTQ+ community. The business is proud to employ other LGBTQ+ people, to work hard at building a sense of community amongst themselves and other similar businesses, and to donate 10% of their profits to the Sylvia Rivera Law Project.
3. Wish Me Luck Tattoo – Chicago, IL
In Chicago, Illinois, it isn’t hard to find a tattoo shop. If you ask me, however, Wish Me Luck Tattoo is where I would book my next session. Wish Me Luck is Chicago’s first Black/Indigenous, queer, and trans-owned shop, and is welcoming to people from all walks of life.
What makes this shop truly special, besides the beautiful art that walks out of it, is its owner, Faith. Faith decided it was time to open her shop after experiencing racism, homophobia, and transphobia at other tattoo shops. So, she hit the ground running and didn’t look back. What she has built is a tattoo shop that is not only inviting to all people, but is a safe place for those who feel unwelcome in other shops to get tattooed.
4. Guardian Brewing Company – Saugatuck, MI
If you love craft beer, good food, and live music, you will want to head towards the shores of Lake Michigan, just 36.5 miles from Grand Rapids. There lies Guardian Brewing Company, which opened in 2018, and features an extensive draft list of 22 craft beers, 14 wines, and 2 hard ciders. Not only that, but they offer cocktails made of local (and imported) liquors, absolutely delicious food, and a 3,500 square foot patio that is dog-friendly. It even features a six-foot gas-fired fire pit!
Best of all: when you visit Guardian Brewing Company, you are also helping support their efforts to make a difference in their community. Every year, they accept applications for philanthropic partnerships where they’ll donate to local organizations. Past recipients have included companies like Saugatuck Center For The Arts, Black Visions Collective, Out On The Lakeshore, and more.
5. Spellbound Sky – Los Angeles, CA
Along Santa Monica Boulevard is Spellbound Sky, a metaphysical shop owned by Mark Phillips and Martin Anguiano. For anyone looking to indulge in a little magic, Spellbound Sky is the perfect place to stop. You’ll find crystals, minerals, ritual candles, and much more.
Mark and Martin chose to open Spellbound Sky back in 2011 after over 20 years in the fashion industry in LA. They both had a mutual love for all things metaphysical and wanted to take the plunge and finally open their doors so they could share their vision with their community.
6. SuLei – Walla Walla, WA
I’m a huge lover of wine, so I felt like I had to include a winery. When I came across SuLei, I knew they were the perfect choice! For Elaine and Tanya, opening a wine cellar seemed like a natural transition, especially since they spent all their time researching (and tasting) wine anyway. The name SuLei was created by Elaine and Tanya to celebrate their partnership. It’s a synonym for “Sulis Minerva”, a Celtic goddess.
With red and white options, paired with names such as “Beet Red” and “Roller Girl Jammer”, you’ll find that SuLei has a lot to offer. Elaine and Tanya use both old and new world techniques when making their wine, and are deeply proud to be one of the growing women-owned and operated wine cellars in Washington.
7. Big Gay Ice Cream – New York City
Big Gay Ice Cream is quickly growing beyond small business status and it is more than easy to see (and taste) why. Their ice cream, which comes in soft serve at their locations, is some of the best that I have ever tried. My favorite? The Monday Sundae, a crispy waffle cone, lined with Nutella, filled with chocolate and vanilla twist, drizzled with dulce de leche, and adorned with whipped cream. What takes this cone sundae over the top, though, is the finishing touch – a sprinkle of sea salt. It is an out-of-body experience.
Big Gay Ice Cream goes beyond just supporting your taste buds and strives to make a real difference in the world. When you support Big Gay Ice Cream, you are also supporting their efforts to aid LGBTQIA+ organizations, education, homelessness and hunger initiatives, children, animal shelters, and more.
You don’t have to live by a Big Gay Ice Cream location in order to enjoy them, though. Big Gay Ice Cream now sells pints in stores.
Summary
Above are just a small handful of LGBTQ+-owned businesses throughout the United States, but it is by no means a comprehensive list. This Pride Month, I encourage you to venture out into your community to find the LGBTQ+-owned business local to you, and to show them your support.
After all, you aren’t just supporting LGBTQ+ business owners, but you are showing the kids with big ideas that their businesses can be successful.
Canadians will have to adjust their expectation of what a normal mortgage rate level looks like going forward, one economist says.
Speaking with BNN Bloomberg on Friday, BMO Capital Markets’ senior economist Robert Kavcic said the rates Canadians have gotten used to since the 2008 financial crisis are much less than what they will be moving forward.
“This is an adjustment we’re going to have to make as homebuyers and investors. A lot of people were lulled into the belief that what we saw over the last decade was normal, I would argue that the interest rate levels we saw post-financial crisis through the early days of the pandemic were the exception, not the norm,” said Kavcic.
The Bank of Canada resumed its rate hiking cycle earlier this month, boosting the main lending rate in Canada to 4.75 per cent. Kavcic acknowledges this is a high level, but stands firm in his belief that rates will stay above two per cent.
“Five to six per cent lending rates are very restrictive and high, but don’t sit on the edge of your seat and hope we’re going to go back to two per cent or below mortgage rates in the next couple of years,” Kavcic said. “Maybe neutral mortgage rates now are even 100 basis points higher than what we were used to last cycle.”
MOMENTUM COULD SLOW THIS SUMMER
For those looking to buy a house, Kavcic believes demand levels seen over the past couple of months could start to moderate.
“Momentum is going to be tested in the housing market as the Bank of Canada came off the side lines and raised rates in June,” Kavcic said.
He is weighing consumer psychology against demand levels to predict the market’s next move.
“There’s a big psychological component to this market because it started to accelerate almost the minute the Bank of Canada said they’re done raising rates,” Kavcic said. “Who wants to jump into the housing market and pay a million dollars for an average priced home when it’s falling at a 20 per cent rate?”
“Now that the Bank of Canada is tightening again, I think you’ll be seeing that psychology cool off and you’re probably going to see some listings linger on the market a little longer throughout the summer and take some momentum out of the price gains we’ve seen.”
However, Kavcic is worried high population growth is boosting demand and will challenge the psychology of homebuyers looking to stay away from a higher rate market.
“End of the day we still have the strongest population growth we’ve seen since at least [since] the early 1970s. Those new families and Canadians need a place to live and we just physically cannot meet that demand with supply,” said Kavcic. “Fundamental demand will come to a bit of a stalemate with consumer psychology in the second half of this year.”
THE ROAD AHEAD FOR HOUSING SUPPLY
When it comes to boosting housing supply, Kavcic doesn’t think accelerating new build projects is the answer.
“It’s just not the solution, it’s a noble and commendable goal but it’s just not something we can come to,” said Kavcic. “The industry is already operating at 100 per cent capacity with employment rates at a record low in construction. To think that we can double output from a level that is already fully stretched seems like an ambitious goal and I don’t think we’re going to get it.”
Government mortgage financier Fannie Mae is offering 3.5 percent in seller assistance if you purchase one of their previously foreclosed HomePath properties.
The offer is good for any owner-occupant who purchases an REO (Real estate owned) home listed on Homepath.com by May 1, 2010.
The 3.5 percent of the final sales price may be used toward either closing costs and/or choice of appliances; finally, you can get that shiny metallic Sub-Zero fridge you always wanted.
“Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover” said Terry Edwards, Executive Vice President of Credit Portfolio Management, in a press release.
“Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help.”
Many of the Fannie Mae-owned properties also offer special financing, allowing borrowers to purchase a home with as little as three percent down.
The down payment can be funded by your own savings, or via a gift, grant, or loan from a nonprofit organization, state or local government, or employer, so let’s hope this whole thing doesn’t get exploited (mortgages with no money down).
I did a quick search and found 757 eligible properties in Los Angeles County, with listing prices ranging from $41,000 in Lancaster, CA to $634,900 in Glendale, CA.
A new online mortgage lender by the name of “Clara” looks to separate itself from the crowd by touting technology and transparency.
And from the looks of their website, they seem to be appealing to the youth. I might be joking a bit when I refer to them as a hipster mortgage lender, but that’s kind of what I take away when I peruse their site.
They highlight the fact that you can text, e-mail, call, or even video chat with your loan rep during the process.
Clara claims it can “help you finance your home in a modern, intuitive way,” and notes that they’re “powered by tech, supported by humans,” and “designed for you.”
So let’s see what makes Clara so special.
Clara Loan Specialists Don’t Get Paid Commission
First and foremost, the so-called “loan specialists” at Clara do not get paid a commission. That means they’re available to help you, not steer you into a certain loan product or urge you to do something you aren’t sure you want to do. That’s the idea at least.
I looked at their mortgage rate quotes and they seem to charge a flat $1,000 loan origination fee regardless of loan amount or transaction type, such as refi or purchase. They offer cash out refis as well, but do not offer HELOCs.
They seem to pride themselves on being super transparent with loan pricing, showing you all the fees associated with your loan right on the quote page. You can choose between a lower interest rate with more fees out-of-pocket, or a slightly higher rate with a lender credit.
Either way, it’s all spelled out for you to see with your own eyes to help determine what’s best for your situation.
At the same time, they want to empower the borrower by offering some mortgage education, with explanations on things like LTV and mortgage insurance.
Clara Wants to Fix the Broken Mortgage Industry
Clara has a page dedicated to their mission, which appears to be fixing the “broken” mortgage industry. We’ve heard this narrative before with the likes of Eave, Lenda, SoFi, and Quicken’s Rocket Mortgage.
But it always seems to be a case of oversimplifying what has become (or maybe always has been) a very regulated and bureaucratic process. Besides, people get upset when you make it too easy to get a mortgage…
As much as we’d all like to text the mortgage lender our details and receive our loan in 30 minutes or less, that’s just not going to be a reality anytime soon. I hope it is eventually, and maybe newcomers like Clara will get us there.
They do seem to have a very seasoned roster consisting of former employees from Yahoo, Google, Lyft, Twitter, Quicken Loans, Blackrock, the US Treasury, and even The White House. So they’ve certainly got the talent to make a difference.
Clara’s Mortgage Options and Interest Rates
Now let’s talk about what Clara offers aside from transparency and technology.
As noted, the company allows you to purchase a home or refinance an existing mortgage, including tapping home equity.
They say they specialize in conventional, conforming mortgages, which seems to include loan amounts above the traditional $417,000 loan limit.
You can get a fixed-rate mortgage, including a 30-year fixed, 25-year fixed, 20-year fixed, or 15-year fixed, or an ARM, including a 7/1 ARM, 5/1 ARM and 3/1 ARM.
I plugged in a $336,000 loan amount at 80% LTV for a rate and term refinance on a single-family, owner-occupied home for a borrower with excellent credit (720+) and it spit out the rates seen above.
Clara shows you the lender (and third-party) fees in detail as well, which is the transparency piece mentioned earlier.
Clara’s Loan Process and Technology
The process begins when a quote is generated online. If you’re happy with what you see you can create a login, at which point you’ll be assigned a licensed loan specialist.
Their contact information will appear in the online loan portal on the Clara website and you’ll be able to keep track of the loan’s progress from there.
The standard documentation is required for a Clara mortgage just as it is any other mortgage, though I think they allow you to autofill forms and speed through the paperwork a lot faster with their tech platform in place.
That same technology should lower the cost of offering mortgages, meaning origination fees can be contained while also delivering competitive mortgage rates.
When it comes to rate locks, Clara has a default 45-day lock for purchases and a 60-day lock period for refinance transactions. It’s unclear what happens if you exceed these time periods.
While they don’t guarantee a specific time-to-close, they aim to fund loans on your timeline.
Clara also sells all the mortgages it originates, but stresses that it is not a mortgage broker. I guess that makes it a mortgage banker because all of their loan officers, processors, and underwriters are in-house at their San Francisco headquarters.
At the moment, Clara is only offering mortgages to California homeowners. But if things go well, there’s a good chance they’ll expand to other nearby states and eventually nationwide. So if you don’t reside in CA, stay tuned.
Fannie Mae has issued a mortgage fraud alert for lenders in northern California, warning of heightened instances of misrepresented child support income in “numerous loans” that have been originated in the region over the past few months.
The GSE highlighted four hallmarks of such a scheme. These include, “commonality of real estate agents involved in selling the subject properties; bank statements and canceled checks [which] are created to support falsified child support income; borrowers hav[ing] no other source of income; child and spousal support documentation provided in the loan files do not match public records regarding those same persons.”
The scheme also commonly features “altered court documentation with case numbers that begin with ‘HF,’” since the State of California’s court case numbers do not begin with “HF.”
Borrowers engaging in such a scheme would typically not qualify for a loan without including the misrepresented income, Fannie Mae said.
For lenders who suspect that they may have clients attempting to perpetrate the scheme, Fannie Mae recommends documenting all applicable details.
“Take special caution on any loans containing spousal or child support as the primary income for the borrower,” the GSE said. “Refer to public record data to determine the authenticity of supporting documents contained in the loan file.”
If a professional suspects fraud, Fannie Mae recommends following established policies and procedures from both their company and the Fannie Mae Selling Guide, as well as reporting instances of fraud through the GSE’s dedicated webpage designed for fraud reporting.
There are also a series of general steps that can be taken to spot instances of fraud, including having well-established relationships with third-party originators/brokers; educating staff about fraud-related issues; sharing information within a professional’s organization; and simply avoiding going through with the loan if it doesn’t appear to make sense.