The market in Southern California remains exceptionally hot today and there are a few reasons why.
“The leading factor is record-low mortgage rates. The monthly and annual payment savings are jaw-dropping and have been the catalyst to a tsunami of buyer interest.” Says PSIR Economist Steven Thomas.
With an abundance of buyer interest in today’s housing market and a scarcity of homes available for purchase, there is so much interest that transactions are becoming bidding wars. Home values are soaring upward until a winning bidder is revealed.
- February marked the strongest home sales start since 2013 and lowest days on the market since tracking began in 2012.
- We have some of the strongest economic indicators including another relief bill on the way.
- Covid is no longer suppressing the supply chain. It is the seller’s concern about finding a replacement home.
- Do not be concerned with interest rates ticking up a bit, as it is a signal of a positive correction.
- 33% of all homes across the US are Equity Rich homes – meaning they have 50% equity!
It is now more important than ever to have an exceptional real estate professional who can help you navigate through these unusual circumstances.