November 21, 2025
Quote of the Day
You have your way. I have my way. As for the right way, the correct way, and the only way, it does not exist.
~ Friedrich Nietzsche
This Day in History
November 21, 1916: Britannic sinks in the Aegean Sea. The Britannic, sister ship to the Titanic, sinks in the Aegean Sea on this day in killing 30 people. More than 1,000 others were rescued. In the wake of the Titanic disaster on April 14, 1912, the White Star Line made several modifications in the construction of its already-planned sister ship. First, the name was changed from Gigantic to Britannic (probably because it seemed more humble) and the design of the hull was altered to make it less vulnerable to icebergs. In addition, it was mandated that there be enough lifeboats on board to accommodate all passengers, which had not been the case with the Titanic.
On November 21, the Britannic was on its way to pick up more wounded soldiers near the Gulf of Athens, when at 8:12 a.m., a violent explosion rocked the ship. Captain Bartlett ordered the closure of the watertight doors and sent out a distress signal. However, the blast had already managed to flood six whole compartments – even more extensive damage than that which had sunk the Titanic. Still, the Britannic had been prepared for such a disaster and would have stayed afloat except for two critical matters.
First, Captain Bartlett decided to try to run the Britannic aground on the nearby island of Kea. This might have been successful, but, earlier, the ship’s nursing staff had opened the portholes to air out the sick wards. Water poured in through the portholes as the Britannic headed toward Kea. Second, the disaster was compounded when some of the crew attempted to launch lifeboats without orders. Since the ship was still moving as fast as it could, the boats were sucked into the propellers, killing those on board.
Less than 30 minutes later, Bartlett realized that the ship was going to sink and ordered it abandoned. The lifeboats were launched and even though the Britannic sank at 9:07, less than an hour after the explosion, nearly 1,100 people managed to make it off the ship. In fact, most of the 30 people who died were in the prematurely launched lifeboats. In 1976, famed ocean explorer Jacques Cousteau found the Britannic lying on its side 400 feet below the surface of the Aegean. The cause of the explosion remains unknown, but many believe that the Britannic hit a mine.
Ojai Weather
Mostly cloudy, chance of rain – High 63 / 49
Rainfall accumulation from yesterday to today – .93 inches
Total rainfall for the season – 9.95 inches
Lake Casitas water capacity – 91.5%
Friday, November 21, 2025
11:45 a.m.
There are two new listings on the market:
12750 MacDonald Drive – $3,750,000
1600 S. Rice Road – $789,000
Pic of the Day
I found this fantastic shot of downtown Ojai in 1962. (Note: I didn’t find it in 1962, the photo was taken in 1962. ☺) There’s a terrific website that has all kinds of historical photos and documents located here.
Thursday, November 20, 2025
3:05 p.m.
There are no new listings on the market.
Recently cancelled, withdrawn, or expired listings – back on the market as “new:”
- 16026 Maricopa Highway – $699,000 (this had recently been withdrawn from the market on 11/6).
- 16840 Maricopa Highway – $750,000 (this had recently been withdrawn from the market on 10/11).
Pic of the Day
Wednesday, November 19, 2025
9:00 a.m.
There are no new listings for today. Since it’s been in the news lately, here’s the National Association of Realtors’ (NAR) opinion on the proposed 50-year mortgages:
The opportunity: lower monthly payments, broader access
There is no doubt that the 50-year mortgage does what it promises. It makes monthly payments smaller. But, how much smaller?
For a $420,000 home with 20% down and a 6.3% interest rate, the 30-year mortgage payment (principal and interest) is about $2,080. What would the payment be with a 50-year mortgage? Because longer loans usually have higher rates, let’s assume 6.8% for a 50-year term. In that case, the monthly payment drops to around $1,970 . This saves about $110 per month.
That difference might not seem substantial, but for families just below the qualifying threshold, it’s significant. The required income to buy the median-priced home falls from $99,840 to $94,560. That shift makes home ownership achievable for approximately 3.4 million additional U.S. households. This is about the number of households in the Dallas metro area. In today’s market, this is a meaningful difference.
The trade-off: slower payoff, higher lifetime cost
Of course, everything in life comes with a trade-off, and that’s also true when a mortgage is spread over half a century. The buyer saves money each month but pays much more over time. Over 50 years, the total cost of the home would rise to roughly $1.2 million, with nearly $850,000 in interest. This is about $433,530 more than the 30-year loan. And because the principal decreases more slowly, it takes almost 40 years to pay off half the loan balance.
Thus, the 50-year mortgage simply reshapes the timeline of home ownership, reducing the financial strain in the early years while extending the repayment horizon. For younger buyers or households expecting higher income, it can serve as a stepping stone to ownership, providing time to stabilize financially, build credit, and eventually refinance into a shorter-term loan.
See the table below to understand how the numbers change at a $750,000 price point.
The long view: building equity over time
While it’s true that the early years of a 50-year loan build equity slowly, that doesn’t mean homeowners can’t accumulate meaningful wealth. Over time, home price appreciation can become the main driver of equity gains.
Returning to our previous example, assuming a 6.8% rate for a $420,000 home with a 20% down payment, the homeowner begins with $84,000 in equity, their initial investment. Because the loan amortizes very slowly, only about $14,000 of principal would be paid down after the first 10 years.
If home prices rise modestly—for instance, 2% per year—equity can still compound significantly. After 10 years, a homeowner with a 50-year mortgage could see their home appreciate from $420,000 to over $512,000. Even with limited principal paid down, their total equity could approach $190,000; a real and significant source of wealth.
By year 20, assuming steady appreciation, that equity grows to more than $325,000. It’s slower than the 30-year path, yes, but still powerful, and still far larger than what a renter might accumulate over the same period. A 50-year mortgage delays equity growth, but it doesn’t eliminate it. Housing equity can still be built through price appreciation, even while mortgage payments add only a small amount.
When a 50-year mortgage could make sense
For some buyers, the longer term might provide exactly the flexibility they need.
- First-time buyers who are stretching to enter the market could use a 50-year mortgage to reduce early payments and refinance later once their income rises.
- Younger households might benefit most, starting with smaller payments and using appreciation to build equity that funds future moves or upgrades.
- High-cost markets could also benefit, as smaller monthly payments may help more renters to transition into home ownership.
The bigger picture: stretching payments won’t fix the shortage
Even if a 50-year mortgage broadens access, it doesn’t address the real reason affordability remains so difficult: There aren’t enough homes at the price points that most people can afford to buy. Without expanding supply to better align with people’s incomes, these longer loan terms simply increase competition for the same limited inventory. It might help individual buyers, but it won’t solve the mismatch between supply and demand that keeps prices high.
Real progress will come from building more homes, particularly in the low- and middle-price ranges, where most would-be buyers are concentrated. NAR estimates that the market currently lacks about half a million listings priced at or below $260,000 to reach a more balanced level of supply.
The takeaway: a longer path can still lead to ownership
The 50-year mortgage offers slightly smaller monthly payments for families who are otherwise priced out, while giving them a chance to participate in the wealth-building potential of home ownership. Because at the end of the day, home ownership is about security, stability, and the long game of financial growth. And the numbers clearly show that housing equity can even be built through price appreciation.
~~~
[In my opinion, a 50-year mortgage for a $750,000 purchase – let alone the average $1,608,000 sales price in Ojai over the past year – is not a viable solution when your monthly payment is only reduced by $195, while at the same time you’d end up paying $774,154 in interest over the additional 20 years. – Ray]
Pic of the Day
Tuesday, November 18, 2025
11:30 a.m.
No new listings have come to the market since last Friday.
I spent most of yesterday pinpointing a minor leak in my roof. No small feat, as it required the use of a 16-foot A-frame ladder (which turned out to be more stable than I would have thought), plus the assistance of Rob from the team to help me set it up. Shout out to Greg Rents in Oak View for the ladder rental!
Since I’m doing local-area shout outs, one also goes to Fred’s Tire Man in Oak View, who charged me the ridiculously small amount of $25 to fix/plug a nail hole in one of my tires. Why does it seem when I get new tires – that within the first 1,000 miles I always seem to pick up nail or a screw?
Pic of the Day
Friday, November 14, 2025
10:20 a.m.
There are four new or “coming soon” listings on the market:
303 Lark Ellen Avenue – $799,000
11604 N. Ventura Avenue – $2,000,000
1202 Loma Drive #7 – $450,000
121 S. Padre Juan Avenue – $959,000
Have a great weekend, and let’s soak up this rain!
Pic of the Day
Thursday, November 13, 2025
9:30 a.m.
There is a new “coming soon” listing on the market:
211 Fox Street – $1,295,000 (coming soon, 11/19)
Pic of the Day
Wednesday, November 12, 2025
11:00 a.m.
There are no new listings for today. Have you seen the weather forecast for the next week or so? Time to batten down the hatches…
Here’s a quick check-in on mortgage rates:
30-yr fixed: 6.29%
15-yr fixed: 5.80%
30-yr Jumbo: 6.40%
30-yr FHA: 6.00%
30-yr VA: 6.02%
Pic of the Day
Tuesday, November 11, 2025
12:40 p.m.
There are four new or “coming soon” listings on the market:
First and foremost, we have a new listing coming to the market – “coming soon” and available to be shown starting December 1st. This is a beautiful 1,601 sq. ft. cabin located in a quiet location in upper Ojai. It’s had a ton of upgrades applied since it was last on the market a year ago, chief among them, an updated kitchen, bathroom, landscaping, fencing…and a host of other items (you can check out more on the listing).
12752 Sisar Road – $1,140,000 (coming soon, 12/1)
17 Don Antonio Way – $299,000
11195 N. Ventura Avenue #17 – $349,000
1225 S. Rice Road #41 – $199,000
Pic of the Day
I think it may be too late
Friday, November 7, 2025
11:50 a.m.
There are six new listings on the market:
1211 Cruzero Street – $859,000
10681 Encino Drive – $2,400,000
407 Bryant Circle #G – $995,000
920 Larmier Avenue – $1,195,000
2231 Maricopa Highway – $1,399,900
701 W. Lomita Avenue – $600,000
Have a great weekend!
Pic of the Day
Thursday, November 6, 2025
10:30 a.m.
There are no new listings on the market as of yet today.
Recently cancelled, withdrawn, or expired listings – back on the market as “new:”
- 4158 Grand Avenue – $3,945,000 (this was recently cancelled on 9/24 at $4,150,000).
Pic of the Day
Wednesday, November 5, 2025
12:50 p.m.
There is a new listing on the market:
848 Woodland Avenue #24 – $565,000
Pic of the Day
Are the low prices shocking, or are they selling automobile shocks or discounted Happy Meals? Is the electricity discounted?
Tuesday, November 4, 2025
10:30 a.m.
No new listings have come to the market since Friday. But here’s a link to 16 fun real estate facts, including mail-order houses, a blurb about a man who sold his whole life on eBay, and two different ways to shout to the neighbors that you’ve paid off your mortgage (I have to admit, I’d never heard of these). Click on the photo below:
Pic of the Day
Click here for archived October, 2025 posts
