We’ve got a hot seller’s market out there. Here’s what you should know if you plan on selling.
Looking to sell a home in Southern California?
Looking to buy a home in Southern California?
The Southern California market has been hot since late February, and I want to give you a little snapshot of what it’s looking like today.
We still have very low inventory. At the same time, we continue to have low interest rates. This means that there are a lot of buyers out there looking to buy a home and lock in a low interest rate, but there aren’t many homes for them to look at.
If you’ve been thinking of selling and moving up into a bigger home or nicer neighborhood, these conditions present a great opportunity for you to do so. Let’s say you have a home that is worth $500,000. If you buy a new home that costs $650,000, you can take advantage of the equity you have in your current home. You may have a few hundred thousand dollars of equity, depending on when you purchased. You can carry that sum right over into your down payment if you wish and lock in that low interest rate at the same time.
Rates are still very low, historically speaking.
Rates have gone up considerably since November and they are expected to go up again soon, but keep in mind that they are still historically low right now in the mid 4% range. If they happen to go up a percentage point or two, it’s going to make monthly payments higher and reduce buying power greatly.
If you or someone you know is interested in buying or selling in this hot market, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.
