Home Seller: Friday, October 28, 2022

Try to determine how easement is used before closing on property

Q: My wife and I are trying to buy a 5-acre property in the hills. Escrow has been open for about three weeks now and we are supposed to close by the end of the month. Our Realtor just reviewed the preliminary title report and discovered there was a wide easement going along one end of the parcel. There is a building and a brick wall on that side of the property and it looks like they are sitting right across the easement. Now we’re worried. The cost of moving the storage building and block wall would be well into five figures and it would greatly reduce the size of the lot. To make things worse, if we don’t close on time we’ll lose our loan interest rate lock and with the skyrocketing mortgage interest rates, we may not be able to purchase the prop erty. What do we do?

A: What does the seller say? Has anybody asked?

If the seller knows of an encroachment on an easement, they are legally bound to dis close the encroachment in the mandatory transfer disclosure statement, which would, in turn, gives you the right to withdraw from the contract.

At any rate, you need to find out a couple of key facts.

Typically, an easement will burden one parcel, that’s the one you want to buy, and benefit another parcel. The right to the easement belongs to the parcel that it benefits (probably your neighbor).

First, you need to learn about the character of the easement.

Easements can be for any number of different purposes. Many easements are simply for the purpose of running utili ties such as sewer, power, water, etc. As long as the encroaching

Jones

wall and building don’t interfere with that use, you really don’t have a problem.

Other easements are for ingress and egress. In other words, they allow people to travel along the easement to access the benefited parcel.

If that’s the case here, you still only have a problem if the encroachments would prevent the type if historical access it has been used for. In other words, if the easement has simply been a driveway for the property owner to drive his car along, he can’t now claim he needs the ease ment so semi-trucks and farm equipment can use it.

So again, if the fence and building don’t interfere with that use, it won’t be a problem.

The other factor to consider is how long the encroachments have been on the easement.

If the encroachments have

been on the easement for more than five years, you would have a right to go to court and get a judgment allowing you to keep your encroachments in place. Alternatively, you can use the argument as a defense should the beneficial parcel owner bring suit.

The bottom line is there may be a risk of litigation. Win, lose or draw, that takes time and money.

However, you have to decide whether the risk is worth killing the deal. If the property is what you want and you are happy with the price and your locked interest rate, it may be prudent to close escrow and take your chances down the road.

My advice is to get a survey right away so you can find out how much the structures are encroaching. That way you can make an informed decision.

Tim Jones is a real estate attor ney in Fairfield. If you have any real estate questions you would like answered in this column, you can send an email to AllThingsRealEstate@ TJones-Law.com.

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Is the housing marketabout to crash?

Here’s what experts are saying

JEFF OSTROWSKI BANKRATE.COM

After a record-breaking run that saw mort gage rates plunge to all-time lows and home prices soar to new highs, the U.S. housing market finally is slowing. While demand and price gains are cooling, any correction is likely to be a modest one, housing econo mists and analysts say. No one expects price drops on the scale of the declines experienced during the Great Recession.

Rob Dietz, chief economist at the National Association of Home Builders, sums up the consensus among housing experts: “We’re thinking this is going to be a moderate downturn,” he says.

The real estate party raged on longer than anyone expected. The National Association of Real tors reported that median prices in the spring of 2022 topped $400,000 for the first time ever. Prices are up a whopping 39% since the coronavirus pandemic began in March 2020, according to NAR data.

Now, bidding wars have largely faded, inventories have loosened and the feeling of froth iness is gone. “The market is clearly turning,” says NAR chief economist Lawrence Yun.

Is the housing market going to crash?

The last time the U.S. housing market looked so frothy was back in 2005 to 2007. Then home values crashed, with disas

trous consequences. When the real estate bubble burst, the global economy plunged into the deepest downturn since the Great Depression.

Now that the housing boom is threatened by soaring mortgage rates and a potential recession, buyers and homeowners are asking a familiar question: Is the housing market so hot that it’s about to crash?

Housing economists agree that prices could fall, but the decline won’t be as severe as the one homeowners experienced during the Great Recession.

One obvious difference between

now and then is that homeown ers’ personal balance sheets are much stronger today than they were 15 years ago. The typical homeowner with a mortgage has stellar credit, a ton of equity and a fixed-rate mortgage locked in at a rate well below 5%. So no foreclosure crisis looms.

What’s more, builders remember the Great Reces sion all too well, and they’ve been cautious about their pace of construction. The result is an ongoing shortage of homes for sale.

“We simply don’t have enough inventory,” Yun says. “Will some

markets see a price decline?

Yes,” he says. “[But] with the supply not being there, the repeat of a 30% price decline is highly, highly unlikely.”

Key housing market statistics

A total of 34,501 U.S. homes had foreclosure filings – default notices, scheduled auctions or bank repossessions – as of August 2022, according to ATTOM Data Solutions.

Illinois had the highest fore closure rate of any state in

August, at one foreclosure filing for every 1,926 housing units, according to ATTOM. It was fol lowed by Delaware, where one in every 2,387 homes were in some stage of foreclosure.

Lenders repossessed 3,938 U.S. properties through completed foreclosures – known as “real estate owned,” or REO –in August 2022. Illinois had the most REOs at 493, followed by New York’s 337, accord ing to ATTOM.

Home sales fell 19.9% from August 2021 to August 2022, the National Association of Realtors says. The median house price in August 2022 was $389,500.

Homes’ rate of appreciation, per NAR, was 7.7% from August 2021 to August 2022.

Experts say home prices could fall

For months, housing econ omists have been predicting that the housing market would eventually cool as home values become a victim of their own success. Home prices have risen far more quickly than incomes, creating an affordabil ity squeeze, and mortgage rates have doubled since August 2021.

“Most markets are going to experience price declines in the high single digits,” Dietz pre dicts. Home price declines of 8 to 9% would create some economic pain, to be sure. But this cor rection will be nothing like the utter collapse of property prices during the

DREAMSTIME/TNS

Real estate transactions

BENICIA

TOTAL SALES: 7

LOWEST AMOUNT: $577,000

HIGHEST AMOUNT: $1,795,000

MEDIAN AMOUNT: $1,017,500

AVERAGE AMOUNT: $1,010,929

2128 East 5th Street - $600,000

09-19-22 [3 Bdrms - 1336 SqFt - 1969 YrBlt],

Previous Sale: 12-22-00, $289,000

474 Arguello Drive - $1,230,000

09-23-22 [5 Bdrms - 3485 SqFt - 2005

YrBlt], Previous Sale: 06-19-18, $885,000

81 Carolina Drive - $1,017,500

09-23-22 [4 Bdrms - 1758 SqFt - 1954 YrBlt],

Previous Sale: 06-15-99, $90,000

1878 Casa Grande Street - $1,168,000

09-23-22 [3 Bdrms - 2061 SqFt - 2018 YrBlt],

Previous Sale: 08-08-16, $150,000

373 Columbia Circle - $577,000

09-21-22 [2 Bdrms - 1500 SqFt - 1992 YrBlt],

Previous Sale: 08-29-03, $351,000

36 Corte Dorado - $689,000

09-21-22 [3 Bdrms - 1562 SqFt - 1943 YrBlt],

Previous Sale: 02-12-03, $325,000

144 West N Street - $1,795,000

09-23-22 [4 Bdrms - 3881 SqFt - 2008 YrBlt], Previous Sale: 02-28-12, $875,000

DIXON

TOTAL SALES: 7

LOWEST AMOUNT: $382,000

HIGHEST AMOUNT: $726,000

MEDIAN AMOUNT: $669,000

AVERAGE AMOUNT: $628,571

341 South 1st Street - $382,000

09-21-22 [2 Bdrms - 1056 SqFt - 1952 YrBlt],

Previous Sale: 01-11-16, $143,500

1160 Columbia Drive - $715,000

09-19-22 [4 Bdrms - 2589 SqFt - 2017 YrBlt],

Previous Sale: 10-31-18, $552,500

1340 Cornell Drive - $599,000

09-21-22 [4 Bdrms - 2169 SqFt - 2015 YrBlt],

Previous Sale: 05-14-20, $495,000

835 Griffith Court - $726,000

09-22-22 [4 Bdrms - 2489 SqFt - 2004 YrBlt], Previous Sale: 09-17-20, $570,000

1580 Pembroke Way - $710,000

09-23-22 [4 Bdrms - 2252 SqFt - 1994 YrBlt],

Previous Sale: 10-04-00, $257,000

1815 Regency Parkway - $599,000

09-20-22 [4 Bdrms - 2242 SqFt - 1997 YrBlt], Previous Sale: 03-21-07, $530,000

1450 Stonecrop Lane - $669,000

09-23-22

FAIRFIELD

TOTAL SALES: 27

LOWEST AMOUNT: $230,000

HIGHEST AMOUNT: $958,000

MEDIAN AMOUNT: $615,000

AVERAGE AMOUNT: $579,278

2044 Alford Drive - $560,000

09-19-22 [3 Bdrms - 1478 SqFt - 1966 YrBlt],

Previous Sale: 00/1991, $135,500

873 Antiquity Drive - $958,000

09-19-22 [5 Bdrms - 3005 SqFt - 2005 YrBlt],

Previous Sale: 04-30-09, $415,500

1300 Astoria Drive - $700,000

09-23-22 [4 Bdrms - 1926 SqFt - 1977 YrBlt],

Previous Sale: 09-08-05, $555,000

2950 Carmel Way - $680,000

09-22-22 [4 Bdrms - 2320 SqFt - 1976 YrBlt]

5115 Carriage Court - $605,000

09-22-22 [3 Bdrms - 1288 SqFt - 1983 YrBlt],

Previous Sale: 00/1990, $149,500

2207 Cox Lane - $535,000

09-21-22 [3 Bdrms - 1567 SqFt - 2005 YrBlt],

Previous Sale: 05-16-12, $203,000

2136 Davis Drive - $540,000

09-19-22 [3 Bdrms - 1204 SqFt - 1976 YrBlt],

Previous Sale: 05-13-19, $392,500

118 Del Norte Court - $230,000

09-20-22 [2 Bdrms - 805 SqFt - 1974 YrBlt]

5340 Discovery Way - $768,000

09-22-22 [4 Bdrms - 3130 SqFt - 2017 YrBlt],

Previous Sale: 10-25-21, $768,000

3195 Dover Avenue - $785,000 09-22-22 [3 Bdrms - 3988 SqFt - 1966 YrBlt],

Previous Sale: 10-04-21, $117,500

5269 Gramercy Circle - $639,000 09-21-22 [3 Bdrms - 2083 SqFt - 2014 YrBlt],

Previous Sale: 05-22-14, $416,500

1960 Grande Circle #42 - $249,500 09-21-22 [3 Bdrms - 1176 SqFt - 1982 YrBlt],

Previous Sale: 03-29-06, $262,000

427 Hartwick Lane - $615,000 09-22-22 [7 Bdrms - 3069 SqFt - 1974 YrBlt],

Previous Sale: 12-11-18, $450,000

2280 Hom Drive - $660,000 09-23-22 [4 Bdrms - 2138 SqFt - 2013 YrBlt],

Previous Sale: 08-23-16, $440,000

1929 New Jersey Street - $430,000 09-22-22 [3 Bdrms - 1075 SqFt - 1959 YrBlt]

581 Oakwood Drive - $820,000 09-19-22 [4 Bdrms - 2278 SqFt - 1988 YrBlt],

Previous Sale: 07-11-13, $410,000

1861 Santa Monica Street - $510,000 09-21-22 [3 Bdrms - 1204 SqFt - 1983 YrBlt],

Previous Sale: 02-10-22, $375,000

2426 Sheldon Drive - $615,000 09-21-22 [3 Bdrms - 1695 SqFt - 2005 YrBlt],

Previous Sale: 06-27-22, $500,000

503 Silverado Court - $475,000 09-22-22 [3 Bdrms - 985 SqFt - 1984 YrBlt],

Previous Sale: 05-14-02, $240,000

4972 Springwood Circle - $660,000 09-21-22 [3 Bdrms - 1820 SqFt - 1991 YrBlt],

Previous Sale: 00/1991, $185,000

114 Sundial Court - $350,000 09-21-22 [2 Bdrms - 1196 SqFt - 1978 YrBlt],

Previous Sale: 08-28-00, $155,000

3320 Ticonderoga Court - $670,000 09-20-22 [4 Bdrms - 2030 SqFt - 1997 YrBlt], Previous Sale: 11-05-18, $555,000

2790 Toland Drive - $581,000 09-21-22 [3 Bdrms - 1252 SqFt - 1976 YrBlt],

Previous Sale: 06-01-17, $381,000

314 Tulip Street - $425,000 09-23-22 [3 Bdrms - 1489 SqFt - 1966 YrBlt],

Previous Sale: 08-29-18, $400,000

313 Vel Place - $280,000 09-22-22 [2 Bdrms - 800 SqFt - 1948 YrBlt]

2610 Vista Hacienda - $625,000 09-20-22 [4 Bdrms - 1912 SqFt - 1975 YrBlt],

Previous Sale: 08-25-03, $329,000

1218 Whitecap Way - $675,000 09-19-22 [4 Bdrms - 2659 SqFt - 1989 YrBlt],

Previous Sale: 09-03-20, $600,000

RIO VISTA

TOTAL SALES: 5

LOWEST AMOUNT: $425,000

HIGHEST AMOUNT: $550,000

MEDIAN AMOUNT: $515,000

AVERAGE AMOUNT: $500,800

152 Alpine Drive - $470,000

09-20-22 [2 Bdrms - 1579 SqFt - 2015 YrBlt],

Previous Sale: 03-03-15, $300,500

692 Anderson Way - $515,000 09-23-22 [4 Bdrms - 1617 SqFt - 2001 YrBlt],

Previous Sale: 10-03-19, $375,000

449 South Front Street - $425,000 09-23-22 [3 Bdrms - 1280 SqFt - 1936 YrBlt]

281 Harvest Hills Lane - $550,000 09-20-22 [2 Bdrms - 1579 SqFt - 2016 YrBlt],

Previous Sale: 09-22-16, $394,000

1990 Park Place - $544,000 09-21-22 [4 Bdrms - 1874 SqFt - 2019 YrBlt], Previous Sale: 06-04-22, $578,000

SUISUN CITY

TOTAL SALES: 3

LOWEST AMOUNT: $445,000

HIGHEST AMOUNT: $685,000

MEDIAN AMOUNT: $465,000

AVERAGE AMOUNT: $531,667

211 California Street - $465,000 09-21-22 [2 Bdrms - 1012 SqFt - 1910 YrBlt],

Previous Sale: 12-28-21, $330,000

401 Canvasback Drive - $445,000 09-21-22 [3 Bdrms - 1088 SqFt - 1976 YrBlt]

1620 Savannah Lane - $685,000 09-23-22 [4 Bdrms - 2695 SqFt - 2006 YrBlt], Previous Sale: 10-01-20, $609,000

VACAVILLE

TOTAL SALES: 37

LOWEST AMOUNT: $280,000

HIGHEST AMOUNT: $1,800,000

MEDIAN AMOUNT: $565,000 AVERAGE AMOUNT: $647,959

1809 Alamo Drive - $495,000 09-21-22 [3 Bdrms - 1258 SqFt - 1976 YrBlt], Previous Sale: 07-18-22, $365,000

1112 Bedford Way - $535,000 09-22-22 [3 Bdrms - 1527 SqFt - 1977 YrBlt],

Previous Sale: 08-31-11, $210,000

1145 Beelard Drive - $635,000 09-23-22 [4 Bdrms - 2325 SqFt - 1992 YrBlt], Previous Sale: 00/1992, $211,500

943 Bluewater Drive - $555,000 09-20-22 [3 Bdrms - 1312 SqFt - 1993 YrBlt],

Previous Sale: 12-14-18, $420,000

225 Boulderidge Court - $700,000 09-23-22 [5 Bdrms - 2225 SqFt - 1994 YrBlt],

Previous Sale: 01-15-08, $435,000

1866 Brookwood Drive - $520,000 09-20-22 [4 Bdrms - 1632 SqFt - 1976 YrBlt],

Previous Sale: 05-19-22, $432,500

1366 Callen Street #B - $280,000

These are the local homes sold recently, provided by California Resource of Lodi. The company can be reached at 209.365.6663 or CalResource@aol.com.

09-23-22 [2 Bdrms - 952 SqFt - 1972 YrBlt],

Previous Sale: 08-05-19, $170,000

3989 Cantelow Road - $895,000

09-23-22 [2 Bdrms - 1296 SqFt - 1973 YrBlt],

Previous Sale: 12-05-14, $572,000

555 Chateau Way - $580,000

09-22-22 [4 Bdrms - 1827 SqFt - 2001 YrBlt],

Previous Sale: 02-06-08, $360,000

207 Citrus Avenue - $475,000

09-23-22 [3 Bdrms - 1160 SqFt - 1961 YrBlt]

1043 Copper Court - $630,000

09-21-22 [4 Bdrms - 1840 SqFt - 1995 YrBlt]

637 Dahlia Drive - $650,000

09-19-22 [3 Bdrms - 1639 SqFt - 2020 YrBlt],

Previous Sale: 10-09-20, $490,000

692 Del Mar Circle - $600,000 09-20-22 [4 Bdrms - 2102 SqFt - 2013 YrBlt],

Previous Sale: 08-02-13, $414,500

630 Harvard Avenue - $670,000

09-20-22 [4 Bdrms - 1980 SqFt - 1989 YrBlt],

Previous Sale: 00/1989, $160,000

230 Heirloom Court - $579,000 09-22-22 [2 Bdrms - 1659 SqFt - 2000 YrBlt],

Previous Sale: 04-26-12, $220,000

3856 Joslin Lane - $1,250,000 09-19-22 [4 Bdrms - 2019 SqFt - 1956 YrBlt],

Previous Sale: 05-20-22, $1,200,000

491 Klamath Drive - $499,000 09-23-22 [3 Bdrms - 1012 SqFt - 1967 YrBlt],

Previous Sale: 06-26-19, $395,000

111 Lassen Circle - $400,000 09-20-22 [2 Bdrms - 918 SqFt - 1964 YrBlt],

Previous Sale: 04-05-19, $285,000

479 Lupine Circle - $640,000 09-23-22 [4 Bdrms - 1943 SqFt - 1988 YrBlt],

Previous Sale: 00/1992, $197,000

451 Marbella Lane - $650,000 09-21-22 [3 Bdrms - 1760 SqFt - 1976 YrBlt],

Previous Sale: 06-02-20, $535,000

896 Meadowhawk Drive - $540,000 09-21-22 [3 Bdrms - 1249 SqFt - 1988 YrBlt],

Previous Sale: 03-01-04, $308,000

213 Paris Way - $540,000 09-22-22 [3 Bdrms - 1278 SqFt - 1995 YrBlt],

Previous Sale: 11-06-15, $332,000

2054 Pinecrest Court - $1,800,000 09-22-22 [4 Bdrms - 4975 SqFt - 2002 YrBlt], Previous Sale: 12-27-00, $160,273

666 Poppy Circle - $565,000 09-22-22 [3 Bdrms - 1192 SqFt - 1989 YrBlt], Previous Sale: 06-10-22, $393,500

688 Ruby Drive - $927,500 09-22-22 [5 Bdrms - 3742 SqFt - 1999 YrBlt]

922 Sage Drive - $540,000

09-23-22 [3 Bdrms - 1592 SqFt - 1990 YrBlt], Previous Sale: 05-06-08, $241,500

868 Sapphire Circle - $550,000 09-23-22 [3 Bdrms - 1348 SqFt - 1995 YrBlt], Previous Sale: 06-05-15, $335,000

113 Scarlet Street - $810,000 09-22-22 [4 Bdrms - 2843 SqFt - 2015 YrBlt], Previous Sale: 02-12-20, $534,500

501 Silver Drive - $520,000 09-23-22 [4 Bdrms - 1402 SqFt - 1969 YrBlt], Previous Sale: 00/1991, $145,000

275 Spindrift Way - $540,000

09-23-22 [4 Bdrms - 1602 SqFt - 1973 YrBlt],

Previous Sale: 05-19-03, $294,000

206 Stevenson Street - $470,000

09-19-22 [3 Bdrms - 1276 SqFt - 1929 YrBlt], Previous Sale: 06-02-15, $250,000

373 Timber Drive - $620,000 09-21-22 [4 Bdrms - 1851 SqFt - 1975 YrBlt], Previous Sale: 03-02-07, $498,000

472 Twilight Street - $680,000 09-19-22 [4 Bdrms - 2599 SqFt - 2010 YrBlt], Previous Sale: 08-04-16, $450,000

3006 Wallick Court - $520,000 09-20-22 [3 Bdrms - 1130 SqFt - 2002 YrBlt], Previous Sale: 04-15-20, $459,000

147 North West Street - $535,000 09-19-22 [3 Bdrms - 1144 SqFt - 1961 YrBlt], Previous Sale: 12-30-20, $460,000

1001 Wild Sage Court - $1,049,000 09-19-22 [5 Bdrms - 4196 SqFt - 2006 YrBlt], Previous Sale: 09-12-08, $783,000

1042 Woodridge Drive - $530,000 09-21-22 [3 Bdrms - 1296 SqFt - 1983 YrBlt], Previous Sale: 04-19-18, $397,000

VALLEJO

TOTAL SALES: 34

LOWEST AMOUNT: $270,000 HIGHEST AMOUNT: $843,000 MEDIAN AMOUNT: $450,500 AVERAGE AMOUNT: $494,324

200 Alameda Street - $390,000 09-19-22 [1 Bdrms - 768 SqFt - 1920 YrBlt], Previous Sale: 06-20-17, $231,500

218 Alameda Street - $375,000 09-19-22 [2 Bdrms - 1098 SqFt - 1916 YrBlt], Previous Sale: 06-08-99, $100,000

424 Almond Drive - $559,000 09-22-22 [5 Bdrms - 2380 SqFt - 1938 YrBlt], Previous Sale: 04-21-17, $390,000

165 Bayview Avenue - $636,000 09-22-22 [4 Bdrms - 2292 SqFt - 1939 YrBlt], Previous Sale: 03-25-19, $460,000

100 Buckeye Lane - $800,000 09-19-22 [3 Bdrms - 1128 SqFt - 1983 YrBlt], Previous Sale: 12-17-08, $236,000

87 Castle Hill Court - $843,000

09-19-22 [4 Bdrms - 2135 SqFt - 1990 YrBlt], Previous Sale: 05-23-16, $463,000

416 Corcoran Avenue #2 - $279,000 09-21-22 [2 Bdrms - 880 SqFt - 1975 YrBlt], Previous Sale: 02-14-20, $154,000

643 Daniels Avenue - $460,000 09-20-22 [4 Bdrms - 1702 SqFt - 2003 YrBlt], Previous Sale: 03-20-12, $108,000

544 Del Mar Avenue - $545,000 09-21-22 [4 Bdrms - 1380 SqFt - 1958 YrBlt], Previous Sale: 03-28-22, $465,000

148 Easson Court - $705,000

09-22-22 [4 Bdrms - 1989 SqFt - 1979 YrBlt], Previous Sale: 06-11-20, $575,000

8104 El Alcazar Court - $550,000 09-21-22 [3 Bdrms - 1713 SqFt - 2002 YrBlt], Previous Sale: 08-19-20, $480,000

708 Fulton Avenue - $530,000

09-23-22 [3 Bdrms - 1246 SqFt - 1953 YrBlt], Previous Sale: 11-09-99, $129,000

15 Greenfield Avenue - $495,000

SOLANO REAL ESTATE SCENE

Marry the house, date the rate

Tom Garant, a local VA loan expert, shared this catchy title with me recently. This idea jives with my belief that homeownership is a long-term investment and the mort gage rate you have today can be gone tomorrow.

Well, maybe not tomorrow, but everyone knows rates rise and fall.

Mortgage rates are at a 20-plus year high, which has created this incredible buyer’s market. If you buy a house today and obtain a 6.75% rate mort gage, who says we won’t have another huge refinance mania in 2024 like we did in 2016 at Brexit and again in 2020 at Covid-19?

I would bet any Daily Repub lic reader $20 right now that 80% of every person who took out a 30-year fixed-rate mortgage in 1990 refinanced at least once before the loan was paid off.

I am not sure I believe the Fannie Mae forecast about rates coming down to 4.5% in 2023, but I would be willing to bet $50 that

Jim Porter

another refi rush will come in the next five years.

Mortgage rates were more than 7% in 1970, more than 9% in 1980, more than 10% in 1990 and more than 8% in 2000.

Buy a house, refinance the mortgage in a few years, work hard and after 30 years, if you avoid dumb financial mistakes, you will be a happy camper.

Jim Porter, NMLS No. 276412, is the branch manager of Solano Mortgage, NMLS No. 1515497, a division of American Pacific Mortgage Corporation, NMLS No. 1850, licensed in California by the Department of Financial Protection and Innovation under the CRMLA / Equal Housing Opportunity. Jim can be reached at 707-449-4777.

www.277westh.com

Located just 2 blocks to Benicia’s downtown “Main Street” this classic Queen Anne Victorian retains many of the home’s original architectural features including an asymmetrical face w/ decorative trim, textured surfaces & a charming front porch. Inside, it has been transformed to accommodate 21st centur y lifestyle while thoughtfully preserving original details. An impressive great room sits to the le of the entrance hall & dramatic beautifully hand carved staircase on the right + colorful stained glass windows. Continue walking to a spacious formal dining room, then into the kitchen. Enjoy your morning co ee overlooking the beautiful Koi pond. Stroll through the amazing gardens or play games in the yard, the potential for adventures & experiences is endless. Space to build an ADU + an existing building, constructed from an old PG&E spool. e 2-car garage has an upstairs wired for a workshop & heating stove. is home, full of happy memories, awaits a new steward to enjoy it for the decades to come!

Offered at $1,299,900

Nicole Solari Broker Owner, DRE#01952567 707.486.5400

e Solari Group nicole@Levelupbrokerage.com www.LevelUpBrokerage.com

Mortgage rates topped 7% this week, the highest level in 20 years – and the latest sign that the Federal Reserve’s aggres sive moves to slow the broader economy are hitting the housing market hard already.

The average rate for a 30-year fixed mortgage, the most popular home-loan product, reached 7.08%, according to data released Thursday by Freddie Mac. The last time mortgage rates climbed

so high was April 2002, and they are slated to keep climbing as the Fed moves swiftly to tame a red-hot housing market, a key step in lowering rent costs and ultimately quelling inflation in the broader economy.

The central bank doesn’t directly set mortgage costs, but changes in its policy rate – known as the federal funds rate – ripple through the economy and influ ence all kinds of lending. Since March, the Fed has raised rates five times, bringing its bench

scrambles to slow economy

mark rate from near zero to between 3% and 3.25%. The central bank is expected to raise rates by another 0.75 percentage points next week.

Those moves have already triggered major consequences for the housing market, and the spike in mortgage rates has prompted some broader con cerns that the Fed is pumping the brakes on the economy with far too much force.

“People can say, ‘Well, you know, a percent [added] on the

mortgage rate is still low.’ But we’ve had several percent on the mortgage rate in a short period of time,” said Diane Swonk, chief economist at KPMG. “The rapid pace at which they’re raising rates are, in and of themselves, destabilizing.”

The average mortgage rate has gone up dizzyingly fast. A year ago, it was 3.09%; even as late as March, the average rate for a 30-year fixed mortgage was below 4%. The increase from 3.22% in January to 7.08% now, a

jump of 3.86 percentage points, is the steepest increase rates have gone through in a year. The pre vious record was 3.59 percentage points in 1981.

For much of the pan demic, low rates meant aspiring home buyers flooded into the market, competed for the few homes available and sent prices soaring. But now, wary of shell ing out hundreds of dollars more per month on a mortgage,

are bowing out, boost ing the supply of available homes and helping prices go down overall. This year, when rates were below 4%, a family earning the median household income of $71,000 could afford a $448,700 home with a 20% down payment. This week, with rates around 7%, they could only afford a $339,200 home, accord ing to Realtor.com.

prices are falling at a

record pace. The Case-Shiller home price index released earlier this week showed prices were 13% higher in August than they were a year ago, down from 15.6% higher the previous month. The 2.6 percentage point difference between those two months is the largest decline in the history of the index, which debuted in 1987.

Zillow on Wednesday announced it had laid off 300 workers across several departments, including home loans and closing services, though the company said it is not under a hiring freeze.

Demand for mortgages has also plummeted as quickly as rates have spiked. Total appli cation volume is at its lowest level since 1997, according to the Mortgage Bankers Association. Refinances are down 86% from where they were a year ago, and mortgage lenders nationwide, including at major banks, have let employees go as the market slows. And rising rates have boosted interest in adjustablerate mortgages. The ARM share of applications was at 12.7%.

Home builders are also being pinched. Overall housing starts fell 8.1% to a seasonally adjusted

annual rate of 1.44 million units in September, according to a report earlier this month from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. So far this year, single-family starts are down 5.6% compared to this point last year.

Builder confidence also fell for the 10th month in a row in October, dropping to its lowest level since 2012, excluding the two-month period in spring 2020 as the pandemic began. It is half the level it was six months ago.

“This will be the first year

since 2011 to see a decline for single-family starts,” Robert Dietz, National Association of Home Builders chief econo mist, said in a statement. “And given expectations for ongoing elevated interest rates due to actions by the Federal Reserve, 2023 is forecast to see additional single-family building declines as the housing contraction continues.”

Still, the Fed’s tools are limited, and officials routinely point to the housing market as one of the clearest signs that

2022 was a Rockin year with hummingbirds, butterflies

As I write this, I am on Day 211 of hummingbirds feeding at The Garden Guy’s house, marking the longest date on the calendar that I have had them, until hopefully tomor row and the day after. I don’t use feeders, just plants. This year has opened my eyes about their choices in plants.

Norman Winter

2022 started off fast and blooming, and then March 13, we plummeted to 21 degrees, when most every thing was in bloom. But things quickly rebounded, and my first ruby-throated hummingbirds showed up April 3.

They began days of feeding on Superbells calibrachoas, Perfecto Mundo Orange azaleas verbenas and petu nias. The freeze slowed down the Rockin salvia bloom, but by mid-May, the birds were seen on Rockin Blue Suede Shoes, Rockin Deep Purple and Rockin Fuchsia salvias.

I am in my fourth growing year with these salvias in zone 8a Georgia. They all quickly top 4 feet, so this year I took more liberty at pruning back to keep them in an allotted space. I use almost all of them behind other bloomers like lantanas and gomphrena, and even behind containers on a rock wall.

While they are certainly beautiful, they aren’t the showiest plants in the garden by virtue of their spiky texture. From a habitat perspective, however, they rank among the most important plants anyone can plant in the garden. Since May 18 it has been bees, butter

The Garden Guy uses Rockin salvias as a backdrop to other seasonalcolor. Rockin deep purple is seen at the top right towering over mixed containers.

flies and hummingbirds. Seeing hummingbirds now is also a little extra special in that we had a very early freeze on Oct. 20, when it reached 30-31 degrees. It took a toll on a lot of blooming plants, but the Rockin salvia didn’t drop a petal. In fact, on the two mornings in which the roof of the house had a layer of ice, the hummers were seen feeding as if it was another day in the tropics.

Looking back at the 2022 growing year, there were a lot of memorable moments with all Rockin salvias. Rockin Deep Purple was the first to bloom and bring in the May hummingbirds. This year the eastern tiger swal lowtails were around in large numbers; they too wanted salvia nectar. A large yellow and black tiger-striped butterfly feeding on Rockin Blue Suede Shoes salvia is an unbeatable complementary color scheme.

In a way, this was the Year of

the Rockin Fuchsia salvia. This is where I captured many of my best photographs. Without think ing I planted Queen Tut papyrus, where it became a most photo genic partner with the salvia, (who knew?). The arrival of the hummingbirds, acrobati cally maneuvering to get nectar, created a “holy wow” moment for anyone looking through a telephoto lens.

Most of the Rockin salvias varieties look to be Salvia gua ranitica hydrids with larger tubular flowers. The Rockin Playin’ the Blues salvia is differ ent. It is a Salvia longispicata and S. farinacea cross with smaller flowers. This salvia, which won the Dallas Arboretum Best Pollinator Friendly Perennial, is always unbeatable.

As if knowing of the award, The Garden Guy noticed it seemed to be a favorite of the little guys, like the gray hairstreak, and the colorful red-banded hairstreak. These butterflies fly fast and erratically, and they can be hard to follow and a challenge to photograph because of their small size.

While The Garden Guy is still counting hummingbirds, I hope you will make plans to put all the Rockin salvias in your garden next year. I can tell you the pollinators, including your regional hummingbirds, will be glad you did.

Norman Winter is a horticultur ist, garden speaker and author of “Tough-as-Nails Flowers for the South” and “Captivat ing Combinations: Color and Style in the Garden.” Follow him on Facebook @NormanWin terTheGardenGuy. He receives complimentary plants to review from the companies he covers.

CLOCKWISE FROM LEFT: Though hummingbirds showed up April 3, the first ruby-throated hummingbird was seen here May 18 feeding on Rockin Deep Purple salvia and have been in the garden since; this ruby-throated hummingbird feeding Rockin Fuchsia on Oct. 21 shows good weight gain for the migration to the tropics; Rockin Blue Suede Shoes salvia was a favorite of the Eastern Tiger Swallowtails which were present in very good numbers.

Jim Porter Branch Manager

NORMAN WINTER/TNS

NORMAN WINTER/TNS PHOTOS

Great Recession, when some housing markets experienced a 50% cratering of values.

Rick Sharga, executive VP of market intelligence at ATTOM Data Solutions, expects declines of 5%. “It’s almost inevitable we’re going to see home prices drop,” he says.

Yun says high-priced regions such as California are most vul nerable to a downturn in prices. The Midwest, on the other hand, is unlikely to see a decline in home prices. Overall, he expects national prices to remain flat next year.

5 reasons the housing market is not about to crash

Housing economists point to five compelling reasons that no crash is imminent.

• Inventories are still very low: The National Association of Realtors says there was a 3.2month supply of homes for sale in August. In February, that figure was as low as a tiny 2.0month supply. This ongoing lack of inventory explains why many buyers still have little choice but to bid up prices. And it also indicates that the supplyand-demand equation simply won’t allow a price crash in the near future.

• Builders didn’t build quickly enough to meet demand: Homebuilders pulled way back after the last crash, and they never fully ramped up to pre-2007 levels. Now, there’s no way for them to buy land and win regulatory approv als quickly enough to quench demand. While they are building as much as they can, a repeat of the overbuilding of 15 years ago looks unlikely. “The fundamen tal reason for the run-up in price is heightened demand and a lack of supply,” says Greg McBride, CFA, Bankrate’s chief finan cial analyst. “As builders bring more available homes to market,

more homeowners decide to sell and prospective buyers get priced out of the market, supply and demand can come back into balance. It won’t happen overnight.”

• Demographic trends are creating new buyers: There’s strong demand for homes on many fronts. Many Amer icans who already owned homes decided during the pan demic that they needed bigger places, especially with the rise of working from home. Mil lennials are a huge group and in their prime buying years. And Hispanics are a young, growing demographic keen on homeownership.

• Lending standards remain strict: In 2007, “liar loans,” in which borrowers didn’t need to document their income, were common. Lenders offered mort gages to just about anyone, regardless of credit history or down payment size. Today, lenders impose tough stan dards on borrowers – and those who are getting a mortgage overwhelmingly have excel lent credit. The typical credit score for mortgage borrowers in the third and fourth quarters of 2021 stood at a record high 786, the Federal Reserve Bank of New York says. “If lending standards loosen and we go back to the wild, wild west days of 2004-2006, then that is a whole different animal,” says McBride.

“If we start to see prices being bid up by the artificial buying power of loose lending stan dards, that’s when we worry

about a crash.”

• Foreclosure activity is muted: In the years after the housing crash, millions of fore closures flooded the housing market, depressing prices. That’s not the case now. Most homeowners have a comfortable equity cushion in their homes. Lenders weren’t filing default notices during the height of the pandemic, pushing foreclosures to record lows in 2020.

All of that adds up to a con sensus: Yes, home prices are pushing the bounds of affordabil ity. But no, this boom shouldn’t end in bust.

FAQs

When will the housing market crash?

Actually, economists do not think it will. Housing econo mists point to five main reasons that the market will not crash anytime soon: low inven tory, lack of new-construction housing, large amounts of new buyers, strict lending standards and a drop in foreclosures.

When will housing prices drop?

Home prices rose sharply for years. And while the heated market is cooling down a bit, it’s not likely to experience an equally sharp drop soon. Greg McBride, CFA, Bankrate’s chief financial analyst, says a pla teauing of prices is more likely than a steep fall. Matthew Pointon, senior property econo mist at Capital Economics, also expects a slowdown rather than

a freefall, predicting a 5% drop by mid-2023.

How much house can I afford?

It depends on how much money you earn versus how much you pay out in debts and expenses each month. Many financial advisers recommend the 28%/36% rule of home afford ability, which states that you should spend no more than 28% of your gross monthly income on housing expenses, and no more than 36% on total debt.

Bankrate’s home affordability calculator can help you crunch the numbers.

What is a good credit score to buy a house?

Different minimum credit scores are required by lenders for different types of mortgages. However, a score of at least 620 is typically required for a conventional loan – and if it’s as high as 740, all the better. Suc cessful borrowers today tend to have outstanding credit, with a typical score of 786.

Solano County Listings: Homes for sale

Residential Price Address City Beds Ba (F/H) Sq. Ft. Lot/Ac MLS#

$452,000 1340 Blackberry Ct Dixon 4 2 /0 1969 0.07 322073001

$465,000 4 33 W H St Dixon 3 2 /0 1043 322064761

$484,900 1320 Blackberry Ct Dixon 3 2 /0 1487 0.073 322062507

$519,700 710 Priddy Dr Dixon 3 1/1 1036 6969sf 322080176

$530,000 1000 West F Street Dixon 4 2 /0 1771 0.15 322071225

$565,000 160 Victoria Ct Dixon 4 2 /0 1688 0.132 322082941

$595,000 1410 Cornell Dr Dixon 3 3/0 1,917 0.07 322085404

$665,000 1950 Dailey Ct Dixon 4 2 /0 2021 0.248 322084370

$749,000 705 Wiegand Way Dixon 4 2 /0 1850 0.23 322055685

$785,000 515 West Cherry St Dixon 4 3/0 2755 0.124 322083817

$4,500,000 6156 Clark Rd Dixon 4 4 /0 5906 78.98 322047718

$350,000 225 Pennsylvania Ave #42 Fairfield 3 2 /0 1084 0.026 322065570

$445,000 56 Del Prado Cir Fairfield 3 2 /1 1234 0.038 322081681

$460,000 543 San Dimas St Fairfield 4 2 /0 1563 0.14 322093909

$475,000 1655 Hemlock St Fairfield 3 2 /0 1,274 0.16 322082879

$489,000 2330 Baldwin Ct Fairfield 3 2 /0 1204 0.18 322087210

$499,000 2373 Cabrillo Dr Fairfield 4 2 /0 1704 0.13 322086472

$499,900 231 E Utah St Fairfield 3 2 /0 1517 0.12 322083815

$522,000 204 Camelia Street Fairfield 3 2 /0 1,403 0.17 322078544

$549,000 1180 Dana Dr Fairfield 5 2 /0 1,650 0.16 322070975

$550,000 2836 Candleberry Way Fairfield 3 2 /1 1666 0.16 322090618

$569,950 4 831 Silver Creek Rd Fairfield 3 2 /0 1082 0.185 322077342

$575,000 2523 Freitas Way Fairfield 3 2 /0 1,665 0.11 322086195

$575,000 2737 Almondwood Wy Fairfield 4 2 /1 1512 0.08 322080695

$595,000 782 Ash Ct Fairfield 4 2 /0 1773 0.13 322090911

$599,000 4 825 Stoneridge Ct Fairfield 3 2 /0 1,108 0.14 322092327

$650,000 4756 Canyon Hills Dr Fairfield 4 3/0 1,816 0.12 322076136

$660,000 4756 Canyon Hills Dr Fairfield 4 3/0 1,816 0.12 322076136

$695,000 4 480 Rolling Meadows Ln Fairfield 4 2 /1 2210 0.169 322086454

$725,000 3422 Glen Ellen Dr Fairfield 4 3/0 3287 0.229 322029030

$799,000 505 East Meadows Lane Fairfield 5 3/0 2,549 0.14 322092262

$824,950 5080 Pyramid Way Fairfield 4 3/0 2,912 0.13 322087738

$824,999 3032 Muse Wy Fairfield 4 3/0 2841 0.135 322078149

$869,999 2385 Palmer Cir Fairfield 5 3/0 3,022 0.27 322092186

$918,888 5181 Palace Ct Fairfield 5 3/0 3007 0.168 322082111

$1,297,500 4 427 Glencannon Dr Fairfield 3 3/0 2,409 2.5 322092157

$1,425,000 3279 Congressional Cir Fairfield 5 5/0 3948 0.292 322086975

$1,495,000 1106 Skywest Ct Fairfield 5 3/0 3414 0.804 322068078

$1,599,000 5270 Oakridge Drive Fairfield 4 3/0 4,034 0.3 332069250 $2,125,000 1604 Amaral Ct Fairfield 3 2 /0 2,319 2.5 322074329

$2,300,000 853 Bridle Ridge Dr Fairfield 4 670 3,937 0.97 322075479

$430,000 101 Cedar Ridge Dr Rio Vista 2 2 /0 1671 0.129 322064595

$499,000 635 Klamath

$525,000

$639,997

$660,000

$418,950

$420,000

$434,000

$457,000

$460,000

$478,000

Dobbins

Mckinley

Suisun

Suisun

322089026

Mckinley Cir Vacaville 2 2 /0 1,043 0.13 322086513

Isle Royale Cir Vacaville 2 2 /0 1152 0.15 322080839

Rainier Cir Vacaville 2 2 /0 1152 0.13 322078018

Christine Dr Vacaville 3 2 /0 1,062 0.11 322080818

Maple St Vacaville 3 1/0 1040 0.11 322093532

$479,500 173 Cambridge Dr Vacaville 2 2 /0 1,212 0.05 322087011

$519,000 407 Deodara St Vacaville 3 2 /0 1168 0.13 322059937

$525,000 4 84 Manchester Wy Vacaville 3 2 /0 1602 0.13 322083162

$545,000 462 Buckeye St Vacaville 3 2 /0 1168 0.13 322090616

$545,000 600 Fox Pointe Rd Vacaville 3 2 /0 1320 0.160 322089563

$549,000 686 Mashall Rd Vacaville 3 2 /0 1402 0.18 322059279

$549,900 137 Primivito Court Vacaville 3 2 /1 1497 0.08 322094034

$549,999 118 Oakmeade Ct Vacaville 4 3/0 1799 0.13 322086318

$567,500 801 S Orchard Ave Vacaville 3 2 /0 1230 0.12 322073187

$574,999 296 Plantation Way Vacaville 4 2 /1 1840 0.13 322062209

$579,000 312 Woodhaven Dr Vacaville 4 2 /1 1840 0.14 322088768

$588,888 107 Colony Way Vacaville 4 3/0 1,887 0.07 322068608

$595,000 454 Royal Oaks Ct Vacaville 3 2 /0 1,544 0.20 322082581

$610,000 512 Florence Dr Vacaville 4 2 /0 1785 0.21 322090024

$615,000 148 Shefield Dr Vacaville 4 2 /1 1799 0.14 322089957

$615,000 231 Kildare Ln Vacaville 3 2 /1 1988 0.209 322091198

$619,000 857 Monaghan Cir Vacaville 3 2 /0 1708 0.201 322093123

$625,000 667 Laurelwood Cir Vacaville 3 2 /0 1,750 0.14 322080908

$629,999 332 Plantation Court Vacaville 5 2 /1 2043 0.16 322094970

$648,000 636 Silver Star Ct Vacaville 4 2 /0 1661 0.134 322071775

$649,000 107 Diablo Creek Way Vacaville 3 2 /0 1728 0.15 322092111

$675,000 263 Bantry Dr Vacaville 4 2 /1 2143 0.184 322086137

$689,900 596 Dunsmuir St Vacaville 3 3/0 1,950 0.18 322053861

$719,000 307 Epic St Vacaville 5 3/0 2,219 0.11 322094278

$759,000 901 Cedarcrest Dr Vacaville 5 3/0 3014 0.207 322061115

$775,000 754 Arabian Cir Vacaville 3 2 /0 2,066 0.26 322067856 $780,000 8024 Claret Court Vacaville 4 3/1 2941 0.16 322074811

$839,000 606 Hillcrest Cir Vacaville 4 2 /0 2202 0.233 322054244

$899,000 1000 Brighton Ct Vacaville 5 3/0 3,431 0.21 322090634 $989,000 7885 N Locke Rd Vacaville 3 2 /0 1,493 3.95 322095123

$1,199,000 8 42 Elderberry Loop Vacaville 5 4 /1 4058 0.295 322043728 $1,999,000 4150 Shelly Ln Vacaville 6 4 /0 4,800 20.00 322060664 $460,000 2940 Georgia St Vallejo 3 2 /0 876 0.13 322087029

$570,000 815 Valle Vista Ave Vallejo 3 2 /0 1,829 0.13 322068195 $575,000 184 Smokey Hills Dr Vallejo 3 2 /0 1532 10890sf 322084742 $595,000 118 Fairmont Ave Vallejo 4 3/0 2,107 0.16 322069781 $650,000 701 Keats Dr Vallejo 4 2 /0 10500 10018sf 322091636

$1,100,000 3024 Overlook Dr Vallejo 4 3/0 3,368 0.25 322071681 $659,900 3931 Central Ln Winters 3 2 /0 1782 5.52 322032322 $875,000 8 457 Plesants Valley Rd Winters 2 1/0 22.16 321006700

LOTS & LAND

PRICE A DDRESS CITY LOT/AC SUB TYPE MLS# $550,000 Liberty Ln Vacaville 25.01 AGRI 322061524 $850,000 Gaddini Road Vacaville 14.89 AGRI 322085720 $4,500,000 6156 Clark Rd Dixon 78.98 AGRI 322049465 $500,000 360 Butcher Rd Vacaville 1.10 COMM 321098151 $1,250,000 8 362 Auction Ln Dixon 2.16 COMM 322014651 $1,870,000 2300-11 E Monte Vista Ave Vacaville 3.66 COMM 321102156 $265,000 2060 Pinecrest Ct Vacaville 1.15 RESA 322048328 $359,950 Gibson Canyon Vacaville 1.55 RESA 22029146 $399,500 3757 Wild Oak Trl Vacaville 4.96 RESA 322061715 $549,000 3745 Wild Oak Trl Vacaville 5 RESA 322061705 $875,000 Oakridge and Lopes Rd Benicia 20 RESA 322061922 $875,000 8 457 Plesants Valley Rd Winters 22.16 RESA 321000406 $15,000,000 Mankas Fairfield RESA 21825708

MOBILE/FLOATING

PRICE ADDRESS

$187,000

Del Rey Ct Vacaville

322065331 $198,000

322072141 $75,000 2500 Springs Rd #252 Vallejo

Calle Chapultepec Vacaville

322065332 $260,000 54 Kay Dr Vallejo

COMMERCIAL

PRICE

E Tabor Ave

322091550

hikes are having the

effect.

are starting to see some

to excess demand

interest-sensitive sectors like

Governor Chris

Waller said in a speech this month. “But more needs to be done to bring inflation down

and persistently.”

or how the Fed’s rate hikes rates will overtake infla tion elsewhere in the economy is not yet clear. Rate hikes are designed to snuff out demand, but they do nothing to fix sup ply-side issues, like shortages of oil and gas, affordable apart ments or chips for new cars. Overall, consumer prices remain stubbornly high, rising 8.2% in September, compared with the year before.

Rent costs also are up 7.2% in the past year, and rents rose 0.8% from August to September.

YrBlt], Previous Sale: 07-28-05, $634,796

285 Lands End Court - $376,000 09-20-22 [2 Bdrms - 1168 SqFt - 1984 YrBlt],

Previous Sale: 08-18-14, $140,000

09-21-22 [3 Bdrms - 1555 SqFt - 1937 YrBlt],

Previous Sale: 08-13-02, $265,000

1421 Griffin Drive - $415,000

09-19-22 [3 Bdrms - 1500 SqFt - 1956 YrBlt],

Previous Sale: 05-23-19, $275,000

216 Hampshire Street - $451,000

09-21-22 [2 Bdrms - 867 SqFt - 1939 YrBlt],

Previous Sale: 07-20-11, $86,500

625 Hilton Avenue - $320,000

09-22-22 [2 Bdrms - 819 SqFt - 1942 YrBlt],

Previous Sale: 10-02-00, $367,500

157 Janice Street - $300,000

09-21-22 [3 Bdrms - 1230 SqFt - 1960 YrBlt],

Previous Sale: 04-21-22, $220,000

530 Klein Avenue - $715,000

09-23-22 [4 Bdrms - 2240 SqFt - 2005

2369 Lansdowne Place - $733,000 09-19-22 [3 Bdrms - 2644 SqFt - 2003 YrBlt], Previous Sale: 08-01-11, $329,000

1241 Lewis Avenue - $395,000 09-20-22 [3 Bdrms - 1064 SqFt - 1940 YrBlt]

513 Lighthouse Drive - $315,000 09-20-22 [3 Bdrms - 918 SqFt - 1988 YrBlt],

Previous Sale: 07-06-11, $56,500

171 Oro Court - $595,000 09-19-22 [4 Bdrms - 1846 SqFt - 1982 YrBlt]

225 Paddlewheel Drive - $640,000 09-19-22 [3 Bdrms - 1514 SqFt - 1988 YrBlt]

2890 Redwood Parkway #182$325,000

09-20-22 [2 Bdrms - 912 SqFt - 1981 YrBlt],

Previous Sale: 07-23-09, $53,000

11 Rodgers Street - $270,000 09-22-22 [2 Bdrms - 884 SqFt - 1978 YrBlt],

Goldman Sachs has forecast that overall shelter inflation will peak at 7.5% next spring before slowly

decelerating to just under 6% at the end of 2023. That has major implications for Fed policy, since housing costs makes up a huge portion of the basket of goods used to measure inflation in the economy.

But the slowing housing market may also be finally cooling rental prices, too. National rent growth sank to its lowest annual pace (7.8% since June 2021, according to Realtor. com. The U.S. median rental price recorded its second monthover-month decline in eight months in September.

The rise in mortgage rates is slowing down the market even in places where it was red-hot during the pandemic. Through 2020 and 2021, sales prices exploded in the Hudson Valley, as transplants from New York City and elsewhere clamored for the few homes available. But as mortgage rates soar now, the number of homes available has more than doubled in the last

three months, jumping from around 150 units to about 380, said Ryan Basten, an associate broker at Berkshire Hathaway HomeServices Nutshell Realty.

That’s an encouraging sign that the market is returning to some version of normal. But Basten said there’s plenty of uncertainty about the future. He ticked through the recent jumps in mortgage rates: 5% “wasn’t too bad,” he said, and 6% was “workable.” But with the Fed poised to hike rates two more times before the end of the year, Basten said he and others in the industry are left “wondering if there is going to be a real downturn in the market.”

“We can only deal with what we’re dealing with now. I can’t see that mortgage rates are going to go to 10 [percent]. If they did, then that would feel like a recession,” Basten said. “Eight [percent] feels bad. Ten percent would be like, ‘Wow, where we do go from here?’ ”

Previous Sale: 06-16-17, $150,000

5 Saint Francis Drive - $385,000 09-23-22 [2 Bdrms - 1294 SqFt - 1928 YrBlt]

164 Seafarer Court - $625,000 09-23-22 [3 Bdrms - 1514 SqFt - 1986 YrBlt],

Previous Sale: 09-13-13, $318,000

133 Simonton Street - $450,000 09-19-22 [3 Bdrms - 1032 SqFt - 1957 YrBlt],

Previous Sale: 00/1989, $85,500

501 Valleyview Court - $655,000 09-23-22 [3 Bdrms - 1860 SqFt - 2004 YrBlt], Previous Sale: 10-28-13, $350,000

632 Warford Avenue - $400,000 09-19-22 [2 Bdrms - 786 SqFt - 1930 YrBlt],

Previous Sale: 09-15-17, $285,000

2827 Webb Street - $440,000 09-23-22 [3 Bdrms - 1015 SqFt - 1952 YrBlt]

311 Winchester Street - $405,000 09-21-22 [4 Bdrms - 1648 SqFt - 1973 YrBlt],

Previous Sale: 00/1989, $114,000

212 Woodrow Avenue - $430,000 09-21-22 [2 Bdrms - 749 SqFt - 1940 YrBlt]

Source: Freddie Mac THE WASHINGTON POST

Open House Saturday 1-3PM

4831 Silver Creek Road, Fairfield

3 bedroom, 2 bath. Simulated wood, tile & carpet. Kitchen with granite counters, SS appliances. Newer dual pane windows. Private 8,071 oversized lot. Outdoor BBQ+. Price Reduced! $559,950

Renee Neuman & Sylvia Cole

REALTOR® DRE#01231287 & 01386900

249-2702 or 330-8923

OPEN OHOUSE PEN HOUSE

A Must See!

275 Har vest Hills Lane, Rio Vista

Entering you see tile floors, large windows framing the spectacular view of the backyard & lake. Chef’s kitchen w/soft closing cabinets/doors, stainless appliances, 5 burner gas stove top. Extended patio/all weather cover & fenced. $599,000

Open House Sunday 12-4PM

15 Fair way Place, Green Valley

Beautiful Twin Creeks single level townhome overlooking 2nd green at Green Valley Country Club. 2BR/2BA, expanded dining room & den, updated bathrooms. Walkin closet. Expanded laundry room, sink, washer & dr yer. Oversized two-car garage. $698,988

Bob & Rosemarie Ogan

REALTORS® DRE#01181464, 00941557 (707) 344-3439

Ralene Nelson

334-0699

Don’t Miss This One!

1536 Michigan Street, Fairfield

Updated 3 bd 2 ba with new interior paint, carpets & laminate flooring, new stainless appliances, painted cabinets & resurfaced counter tops. Home also has dual pane windows, tankless water heater, newer roof and new air condenser. Reduced to $485,000

Ralene Nelson

REALTOR® BRE#01503588

334-0699

Open House Sunday 1-3PM

424 Mandarin Circle, Vacaville

Senior living at its BEST in beautiful Diamond Grove!!! 2bd/2ba + den, 1323sf. Gas fireplace between living room & dining area. Eat in kitchen. Large covered patio runs width of home. Easy care garden w/fruit trees & roses. Community pool. $529,000

Omar Hampton & Associate

REALTOR® DRE#01242723 (707) 529-7545

Honey Stop The Car!

295 Sage Meadows Dr. Rio Vista

Calistoga model, with private courtyard, located on a corner lot. New interior paint (including garage) & tile/grout cleaned, gives this home a fresh look. Island kitchen w/granite tile, blk appliances, w/5 burner gas stove top. $559,000

Ralene Nelson

REALTOR® BRE#01503588 (707) 334-0699