SPRING HAS SPRUNG
and our Market Is On The Move!
Everyone is wondering what the 2013 real estate market will deliver. So far, it looks like we have definitely bottomed out and are seeing significant increases in pricing in some areas already. Some sellers are reluctant to put their homes on the market, worried they won't be able to get their price. Of course that means fewer homes for sale and the competition can be fierce in the lower price ranges. The sellers looking to move up in the market will benefit even if the pricing hasn't met their expected levels for their home sale. The difference in purchase price on a higher value will make up for the lower sales price in most cases.
Another important issue this year is interest rates. So far we are still seeing the lowest rates in history for mortgage money. That will change. As the interest rates begin to rise, prices will be affected as the affordability for buyers will change. Right now, we are even seeing 100% loans back in the market. Unbelievable opportunity for financing right now if you have decent credit (FICO scores in the mid-600 range plus) and verifiable income. Even those with distressed credit from previous short sales can benefit (must be longer than two years since recorded sale) as long as they have kept their spending to a minimum and paid all their accounts on time. The financing is out there for everyone from first time buyers to jumbo refinances - take advantage while you can.
Some Fun Facts About the Market*
Who's Moving In The Next Two Years?
48% 18-34 year olds
26% 35-49 year olds
16% 50-64 year olds
10% 65 and older
Team South Bay is looking for homes for our South Bay buyers! If you are thinking about moving up or downsizing please give us a call. We'll prepare a full market analysis for your home and neighborhood free of charge. We also have a list of Income Property Buyers too. Let us help you take advantage of this HOT real estate market.
p.s. Dyna says the South Bay is
Heaven on Earth and we agree!
*courtesy of the Demand Institute