Special Note to Buyers
We have a narrow window where you can get the most home for your buck, and it's closing. Every instinct in everyone's gut who has been paying attention at all to the market knows the historical all-time-low mortgage interest rates are not staying low much longer: in fact, the 3-4% range for a 30 year fixed mortgage phenomenon has lasted far longer than most experts predicted. Prices, and rates, are going up across all measurable metrics both locally and nationally in almost all major markets. While price increases may slow down eventually as new inventory becomes available, rate increases will surely not slow down but rather ratchet upward.
Sellers already know the time is ideal: dramatic increase in prices from previous years of decline and more buyers for less available inventory generating multiple offers immediately after hitting the market. Investors with cash offers are still pervasive; another powerful incentive for sellers, and a source of urgency for buyers. Buyers need to get in now and expect to be aggressive, but for those up for the challenge the rewards will be great; nothing short of the best bang for the monthly mortgage payment buck that history has ever seen. Make no mistake, buyers, the stakes are high and well worth the effort while this narrow window is even now on the verge of closing.
My own current experience speaks of the urgency: I put a downtown Huntington Beach home on the market recently and within 48 hours I had multiple offers. The cascade of qualified offers resulted in my sale of the home at a full $100,00 above asking price; a scenario almost unheard of even a year ago and unthinkable in the prior four years. The message is clear, in most of the country and certainly in Huntington Beach: buyers, it is time to get in the game before mortgage interest rates increase with home prices!
Sylvia Harsin
(714) 612-5373
sylvia@sylviaharsin.com
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