Recently I have seen more offers from first-time buyers than I have in the past 3 years. This is a sign of the times because even as close as 6 months ago, the majority of the offers my sellers and I received were from buyers that would pay ALL CASH and/or have a fairly large down payment. A first-time buyer could not compete in that market because if the appraised value came in for less, guess what, the seller would have to adjust the price down.
Since the beginning of 2024, the majority of the offers are from first-time buyers with low to no down payment and the cash buyers are no longer submitting offers thousands of dollars over the list price.
What does this mean for you?
If you’re a first-time buyer, let’s get you qualified for a great home loan today because now is your time to buy.
If you are thinking about selling, now may be the best time to get your home sold because the peak may be behind us and home prices may start adjusting downward. Albeit we will not see another 2008 downturn but we will definitely start to see prices come down a bit. Remember nothing can continue to go up forever, including So Cal housing prices.
Call me and let’s discuss your next real estate move.
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Source: MSN
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