Hot Housing Market Creates Shortage

Hot Housing Market Creates Shortage

Housing Market ShortageIn a recent update, MBS Highway reported what most of us already know. Interest rates remain historically low. As a result, demand is at an all-time high. The upshot? The housing market remains hot. This is certainly the case in Southern California, where SoCal Platinum Properties, Inc. is based. What may not be as evident is that appreciation continues to accelerate.

“CoreLogic released their Home Price Index report, showing that home prices rose 1.8 percent in July and 18 percent year-over-year, which is an increase from 17.2 percent in the previous report.” ~MBS Highway

Housing Market: Buy and/or Sell Now!Housing Market Sales

So, what does that mean to someone who wants to buy or sell a home in the San Gabriel Valley, Inland Empire or Orange County? Get while the getting is good! No one can predict when the market will flatten. So, if you’re on the fence about listing your house for sale or up-sizing, downsizing, or relocating, now is the time to make your move.

Housing Market Picture

Businesses ShutteringAccording to US News & World Report, housing market experts predict a year of high demand and rising home prices. This follows an initial decline in housing market activity last spring which coincided with lockdown orders and shuttered businesses.

The magazine continued by saying, “Homebuying and selling rebounded quickly. Buyers are still eager to move, but the lesser supply of homes on the market in many parts of the U.S. is contributing to rising home prices. As a result, it remains a seller’s market that benefits homeowners who are choosing to sell now.”

If you delay listing your home or shopping if you’re a first-time buyer, you could miss out on your best opportunity to capitalize on the market. Another reason home buying makes more sense now than it did prior to 2020 is due to changes in terms relative to Fannie Mae and Freddie Mac. The Federal Housing Finance Agency (FHFA) announced plans to consider timely rent payments in assessing credit worthiness for first-time buyers. And the qualification for “first time” means the buyer has not purchased a residential property in the previous three years. With the change, officials hope to make home ownership more approachable for people who do not have access to funds for a large down payment.FHFA

Call Jorge Abich today to find out if you could qualify under Fannie Mae or Freddie Mac’s new policy. If your rental history is excellent, your dreams for home ownership might be closer than you thought!

About SoCal Platinum Properties in San Dimas, California

Real Estate Company SCPPAt SoCal Platinum Properties, we offer unique perks to clients who list their home to sell with us. One benefit that we provide, which most other realtors do not, is that we will pay for and arrange to have a home inspection before we put your home on the market. The reason we do this is because we want to eliminate potential potholes down the road, when prospective buyers could use items the home inspector uncovers as an excuse to pay less than they bid. What’s more, resolving minor repairs on the front end often means you can ask more for your home rather than selling it “as is.” To find out more about how to take advantage of this perk and list your home with SoCal Platinum Properties, call (213) 709-5178 today or compete this contact form.