If you could use some encouragement in your house hunt, this article is for you.
Just about everyday I speak to clients that are pre-approved for their mortgage and are actively looking for houses but have yet to find just the right one, or have lost out on multiple offer situations. I encourage them to remain positive, but I also know it’s a tough and time-consuming situation. Well, for you, I have good news today as far as the housing market and sales goes.
First, it’s just my observation from our local area and what’s been happening with our clients, but it seems like sales are heating up, the log-jam is moving, and more people are going under contract and closing on their new homes. So, I know it’s been lots of work and waiting for you all summer, but I believe that now, as the peak buying season prepares to wind down that you are going to find your perfect place.
As you know, it’s’ been a hot summer in the housing market here; but the tide may be turning. According to the latest report by the California Association of Realtors (CAR) June’s sales figure was up 0.4 percent; however lower than June 2017.
C.A.R. President Steve White says, “The lackluster spring homebuying season could be a sign of waning buyer interest as endlessly rising home prices and buyer fatigue adversely affected pent-up demand.” You can relate, right? What this means is that the housing market is transitioning, which may spell lots more opportunities for buyers.
A transitioning market may sound like bad news, but for buyers it’s good news, because this hot market has left lots of buyers out of the game. But as the sales decrease, prices will then have to decrease and inventory will increase, offering more opportunities for those of you still actively house hunting.
So, the bottom line is: Don’t give up!
Please hear me, stay positive, remember home-buying is a process that takes time, remember why you are going through this process and that you are securing long-term financial security for yourself and your family. Remember to stick to those features that are important to you, don’t settle for something that’s not the right fit.
Also, remember we have lots of options to help you get over the down payment hurdle. And if you are planning to buy in the next 60-90 days, let’s get you locked in now. I have a lender that will lock in your rate now – we are expecting rates to continue rising over the coming months – so that you can take advantage of today’s rates. Even if rates fall between now and when you close, we can float your rate down, so your covered either way.
I love helping first-time home buyers through the home buying and financing process. If I can help you, please reach out.