Home Insurance Rates Spike 40% Nationwide

   
  










  

Home Insurance Rates Spike 40% Nationwide

Introduction: Home Insurance Rates Spike

Home insurance rates spike 40% nationwide. Yeah. What in the world is going on? I know there's inflation, it sucks because insurance is a necessary evil and we have to do it. You have to pay for it. You have to have health, auto, and home insurance, and all this other stuff. It just never ends. It seems that perhaps 20-30% of your entire income goes towards insurance.


It's just another tax. It's a pain in the ass. 


Impact of Rising Insurance Costs


I think we're out of whack here for the ordinary American if you make less than a hundred thousand dollars a year. It's a huge impact on your wallet every month as well as every year. LendingTree did a survey across all 25 or 50 states.


Home. Insurance rates in the US have risen 40% over the past six years. Rates were relatively stable from 19 to 21, then search in recent years, 23, 11%, 24. Four. The average annual cost of home insurance across the US is $2,800 a year. I pay a little bit more than that. 




Mortgage Rates this week 

Regional Variations in Insurance Rates


The lowest average rates are in Hawaii, California, and Vermont.

Crazy top states where home insurance rates are Rose, Colorado, Nebraska, and Utah. And there you go. Painful. This is something that matters to me, cause I don't always care what's going on at the national level or international. I care about what's going on locally. It seems like California insurance rates are out of control, and they need to get a handle on them.  





Housing Market and Interest Rates

Home prices have stabilized for the most part for the last couple of months.


Housing affordability is out of whack as well, in my opinion. Interest rates are quoted at 6.84, and if you buy a $2 million house, $400,000 down, and you have good credit. You're looking at 6% with one point down to buy in. You can get it down further.


And I think a comfortable rate is five and a half percent. I think if you can knock it down to about five and a half percent, we'd have more people enter the market. And that's what Powell and Trump are yelling at each other about right now. Knock it down a little bit. Bring more people into the market.


Right now, buyers are being picky. It's because the houses that come in for where they can afford are, a lot of 'em are crap. There are ones that are beat up, some of 'em smell like a pot farm.

Some of 'em just don't fit their needs. Certain things like location, et cetera, Rates right now, and I think this is huge, Interest rates on outstanding mortgages. 71% are under 5% according to FHF. And I did a little snapshot here for you as well.

Going back to this, you see here are where the rates are, the daily rate changes along with the 52-week range. But I don't think 52 weeks helps. I think you need to look at the bigger picture of things. This is 1980, right? Let me bring this out so you can see it a little bit bigger. This is 1980. 17, 18%, 18.545%.

I know back then there were a hundred, $200,000 homes, right? Back in 75, there were 60, 50. 60,000 homes or, yeah. And now, nowadays, we're looking at million-dollar homes in California, and in San Jose, you can buy a million-dollar home, but it's really hard to find a decent quality home for a million dollars.

And we'll get to that in a minute. One of the multiple reasons why rates aren't coming down is because of inflation. But two years ago, three years ago, four years ago, we had historically low interest rates. And God, I hope it's working. I'm frozen on my scene here.


What we're seeing here is. There are still homes out there that are five and a half or more percent, or 5% or more, but not the majority, and this is where we're having problems. We have a supply problem because we just don't have enough homes on the market in order to make it a free market for everybody.

The good news is that Fannie Mae forecasts a sharp dip in mortgage rates by year-end. I also see people saying first quarter next year, which you know, that's not helping us today, we're in the middle of. Inventory, glut, high interest rates. We don't know what's going on with the economy, but houses are selling for what you get for $2 million in Santa Clara County.




What you get for $2MM in Santa Clara County 

Here's one right here. This is a nice house on Galand Drive, and the reason why it's up here that high, it's one, it's semi-large. About the same size as mine. It's a four-bedroom, three-bath home built in 1968. It's right in the foothills.


It's a nice little home in the foothills, so you're really close to the hills, and let's take a quick look inside. The kitchen was painted. Put new counters on it. Original cabinets. Looks like they went stainless steel, which is nice. Carpet everywhere. Large master bedroom.


Got a big pool. Nice large lot. This is nice here when you're looking at this because you have a front, a backyard, and then you have a pool in the back.



What you get for $1MM in SILICON VALLEY 

You actually get to enjoy some home, right? You actually have a little bit of backyard. You can do entertaining, and then you can have the kids running around, having fun at the same time. Hot summer days. So there you go. What you get for a million dollars inter bay 9 99. Not my listing. Four bedrooms, two baths, almost 1400 square feet.


Built in 1962, it's right by the Reed Hillview Airport. Let's take a quick look inside. Wow, that is an awesome front yard. Looks like a mini golf course. This tells me this is a flip. See, you're looking at a flip house right here. New kitchen, new floors, new paint. See if they actually have cooling.




  • Inventory And Supply Charts

Yeah. Central AC. So there you go. That's what you get for a million dollars today in Santa Clara County. Months of inventory. We have a sharp spike here. This is. Napa. Napa, I've been telling you for the last couple of years, has been seeing trouble. They've been seeing a lot of trouble with homes being sold.

I think that's the first. Card in the house of cards. That's going to collapse our market if we do see anything come down. But Napa is a great place to buy a house right now. Everything else is under six months, and the inventory is there, too. These are Santa Clara Countysingle-familyy homes, just Santa Clara County, and we're still well below the means of where we need to be. What is that? Monteer? I think. Yeah, Monteer is right at six months, but they just keep going up and down. It's just 'cause it's not on the radar, but there are still nice homes over there. Everything else is far below the six-month mark for making it a buyer's market. Are we in a buyer's market?

I don't know. I think we're not in a buyer's market right now because. Sellers still get what they want, right? If you price it, your house is gonna sell pretty quickly, and it's just what it is. All right. 


Conclusion and Sign-Off


That's it for now. I'm Vito with Abano.


Have a great weekend. Happy before July. We'll see you out there. 





🔴 Video Living in San Jose in the No. 4 spot. in the US  https://youtu.be/hxw5k739OKU?t=521

Vito Scarnecchia


Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-705-6817

Vito@abitano.com

Update your home value: https://hmbt.co/bT7qRJ      

FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia

If you are moving ANYWHERE in the world, let me know! I know a LOT of AMAZING Agents!

🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg




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