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Reali Roundup: Meet the MiLuHo: Real Estate’s Latest Craze

April 1, 2021

2 MINUTE READ

Ladies and gentlemen, before we begin, let’s all pause and doff our caps to Oak Park, Sacramento, officially real estate’s hottest neighborhood. For too long, you’ve played second fiddle to your more coastal siblings. You go. (And sorry about that paywall, readers. We did it for Oak Park.) Beyond that, we’re digging into the emerging “midsize luxury” home craze, plus the latest and greatest in borrowing.

Gimme MiLuHo or Gimme… I Dunno…a Bungalow?

At the pricier end of the home market, a new sweet spot has emerged: the midsize luxury home, what we’re calling the “MiLuHo” (which, as one-fifth the population of the Philippines knows, means “luxurious” in Cebuano).

Anyway, these 5-10k sf homes are outselling both their larger and smaller counterparts. Why? First-time buyers with deeper (probably tech-adjacent) pockets want more than a 1,600sf starter home. The same goes for those already in starter homes and condos: everybody wants a big(ger) backyard and a home office (or two).

So insatiable is their demand that folks streaming into the San Diego market from LA and beyond continue to drive up average sales prices. However, though everyone seems to have a case of the Gimmes these days, small properties aren’t exactly collecting dust on the market. And we don’t all have tech-adjacent bank accounts. So let us help find a place that’s right for you.

Mortgage Rates Waken After Winter Slumber

Though largely inevitable, the recent countrywide bump in mortgage rates has caught some by surprise. What does it all mean for housing? It’s tough to predict. Some point to slowing sales as an effect of higher mortgage rates, while others believe low inventory is to blame. But to eager buyers, what’s the difference?

Meanwhile, refis made up three-quarters of Freddie Mac’s February volume, as homeowners continued locking in lower rates while the locking’s good. Freddie’s single-family delinquency rate decreased from 2.56% in January to 2.52% last month. The takeaway? Everyone is still at home. But we’re optimistic the storm is passing, and soon it will be time to set sail again.

We’re Hiring

The Reali team continues to expand! From agents to loan officers, art directors to backend developers, we’re seeking out the best of the best to join us. If you’re looking for your next big break, or know someone who is, Reali might be just the ticket! Check out the opportunities.

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Your Guide to Building Permits

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Please Get Rid of these DIY Materials Already!

A few suggestions to keep things pastel-fresh this weekend.

That’s all for this week’s roundup, gang! Wishing you a safe and happy Easter!