I am so happy that finally an article is written about this topic because it is so important ESPECIALLY for those home buyers on the sidelines waiting for house prices to drop.
A mortgage rate that goes up just ½ percent, will significantly impact your payment more than a price drop of $20,000 on a house.
There is without a doubt a pullback on housing and home prices are starting to come.
However, I would caution you in waiting for “home prices to come down” because the interest rates are rising much faster than home prices are coming down PLUS we will NOT be seeing another 2008 mortgage meltdown and the amount a house may come down will not make up for the difference in a higher interest rate.
Remember in Southern California, we still do not have 1000s of homes on the market for sale and still have a shortage of homes for sale.
We have more than we did a year ago but not an overabundance that would affect prices significantly.
Also if you study the market the way I do, you will see that properties that are priced right and in great condition STILL ARE SELLING WITH MULTIPLE OFFERS AND AT OR OVER THE LIST PRICE.
Do not keep waiting because this will end up costing you in the end.
Also, we are entering the time of year when homes cyclically are longer on the market which means there are some great properties with great buying options waiting just for you.
If you are looking to buy, sell or refinance, call me.
Read Article Here
National Association of Realtors