Fremont Real Estate Blog

-- Sunil Sethi  /  REALTOR,  Broker, MBA www.sunilsethi.com BRE #01173766                              

Effective January 1, 2023, the FHA national loan limit, or floor, will increase from $420,680 to $472,030 for single-family home loans , marking about an 12.21% increase over 2022's limits. The FHA's loan limit is set at 65% of the national conforming loan limit of $726,200. In about 65 high-cost areas of the country, the FHA's loan limit ceiling will increase even more--from $970,800 to $1,089,300. High-cost areas are places where 115% of the median home price is greater than the floor (that is, $472,030). The maximum loan limits for FHA forward mortgages will rise in 3,222 counties, according to the agency. What is the FHA Loan Limit? The Federal Housing Administration, or FHA, was created to support low to moderate income homebuyers. The FHA sets loan limits each year for buyers utilizing FHA loans (any loan from a bank or mortgage company that is insured or backed by the FHA) and those limits are based on the average home price for the area in which you are buying a hom...

335 Detached Homes were sold YTD. We're on pace to sell about 100 fewer homes in 2022 than were sold in Fremont last year.  We're almost at the same pace we sold in 2019.  What's interesting is that the number of homes sold over $2M is greater than the number of homes sold over $2M last year.  I suspect two things are causing this: (1) the wealthy are less impacted by rising rates, and (2) home prices have risen pushing more property sales to higher price segments.  Pricing for Detached homes in Fremont peaked in April 2022 (these homes would have gone into contract in March) and continued their decline in November 2022.  From the housing peak in April 2022 ($1,106/Sqft) to November 2022 ($902/sqft), prices have dropped 18.45%.  From November 2021 prices have dropped 7.96%.  -- Sunil Sethi  /  REALTOR,  Broker, MBA www.sunilsethi.com BRE #01173766