According to data from the California Association of Realtors, the Bay Area’s year-over-year house price appreciation rate went green for the first time in more than a year in August. This followed a dip of nearly 20% caused by a post-pandemic market correction.
The Dream For All Shared Appreciation Loan is a down payment assistance program for first-time homebuyers from the California Housing Finance Agency (CALHFA). When you sell or transfer, you repay the original down payment, plus a share of the appreciation in the value of the home. So how can you find your California dream?
In order to qualify for the Dream For All program, you need to be a first-time homebuyer, which is defined as someone who has not owned and occupied their own home in the last three years. You also need to occupy the property as a primary residence and complete two levels of homebuyer education. Oh, and your household income can’t exceed $300K.
State legislators allocated $300M to this program in the form of 30-year fixed-rate loans starting at 6% with a 1.45% fee. Unfortunately, while we were writing this blog, CALHFA announced that all of the program funds have been claimed as of April 7. Hopefully, additional funding will be allocated in the next state budget. In the meantime, get educated and get ready.
It’s hard enough remaining competitive in the housing market when inventory is down and interest rates are up. It gets even harder when many homes are purchased by foreign nationals and businesses. Typically, these homes sit vacant, taking up space while their owners wait for a chance to flip for a profit.
Sales may be down right now, but median prices are still up year-over-year. This is especially true in San Mateo County, where the market has seen a 13% rise since 2021. It’s a healthy reminder that the more things change, the more they stay the same.
South Lake Tahoe is an affordable option for houses as well as condos for anyone thinking of leaving the Bay Area.
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