What do I think about today’s real estate market in California?
Like you know, I sell real estate in Southern California and as a reader of my newsletter I have given my opinion on different parts of what happening in the real estate market.
And it does not look good at this time for buyers or sellers.
What do I think about today’s real estate market in California?
Call or Text (909)226-3551
As you know, I sell real estate in Southern California and as a reader of my newsletter, I have given my opinion on different parts of what happening in the real estate market.
And at this time, it does not look good for buyers or sellers.
Interest rates have gone up fast and with the low inventory, buyers are still waiting to buy.
As interest rate continuing to go up, lenders are starting to offer loans where buyer can get in the door.
And as long as the buyer understand the negative part of what they sign and can afford the loan adjustment when it comes, will be ok.
But these type of loans can also come back and bite, if what the buyer was planning, on getting a rise, or hoping the rate go down before the loan come due and adjusts higher, so they can refinance to a lower rate, then the buyer could lose their house to the lender.
There are still a high demand for homes and properties.
Inventory on the market is low and there are still strong buyers out there that want to buy.
But don’t count on that quick sale, it’s going to take a little longer then what you may have planned for.
Now, if the interest rates continue to go up and qualified buyers stop buying, then we may see the down turn in the housing market.
We’re not there let, but the signs are out there.
If you are a buyer that thinking of buying, then buy! If you can afford it.
If the housing were to come down, it would only be because interest rates get too high.
So, if interest get higher and prices for homes do come down, and you have to finance you could actually be paying more per month, then if you bought a house in today’s real estate market.
Call or Text if you have a question or want to set up an appointment at 909 226-3551
Let me say again this is my opinion and that renting or living with your parents is not the way to go.
Steve Olmos
Selling real estate in Southern California since 1980
