Last week, we focused on homeowners who were looking to downsize. But in the crazy 2021 housing market, many homebuyers are looking to capitalize on the market by doing the opposite. As home values rise and inventory lessens, you would like to sell your San Gabriel Valley home? Or do you want to move from one Inland Empire house to move up to another? Now is the time to act! It’s time to upsize! If you list your home now, you will likely sell within 30 days, with multiple over-asking-price offers. In such a rosy market, why not list your house and move to a larger home?
According to a report released by a report by MortgageNewsDaily: “The housing inventory, or lack of it, dominates Freddie Mac’s Outlook for June. The company’s Economic and Housing Research team says the supply of for-sale houses, especially starter homes, is at its lowest level in over ten years. This has real implications for home sales in 2022 and, unless inventories improve, they see a decline from last year when sales were the best in a decade.”
Universal Real Estate Principles
Upsize Pre-Approval Matters
If you don’t plan to pay cash for your move-up purchase, make sure you reap the host of benefits afforded by seeking pre-approval. Seeking pre-approval will alert to exactly how much home you can afford, so you won’t waste time searching for unaffordable houses, only to face disappointment once you meet with a lender. Also, pre-approved buyers usually enjoy preferred status in sellers’ eyes. After all, pre-approval demonstrates serious financial backing. This gives buyers a leg-up in a competitive bidding environment.
Upsize to a New Location
In San Dimas, where SoCal Platinum Properties, Inc. is based, the Bonita School District is stellar. This is important regardless of the age or even whether the home seller has kids. Access to quality education sells homes. So, it should weigh heavily in any move-up decision.
Supply & Demand
You probably learned this in high school economics: real estate prices rise and fall based on the laws of supply and demand. When the demand for real estate high, prices go up. When the number of available properties increases, prices usually go down. In the San Gabriel Valley, Los Angeles Basin, and Inland Empire, inventory is currently low. This means that sellers can ask more than they would be able to in a glutted real estate market.
Housing Market Changes to Consider if You Want to Upsize
While certain aspects of real estate remain unchanged, a few things have changed in this post-COVID-19 world:
- Lending standards are tight.
- While virtually anyone with a pulse could borrow without a down payment circa 2008, in 2021, mortgage lenders apply stringent rules to mortgage applicants. While this may discourage buyers, who have less than perfect credit, it is a plus for people who have worked to protect or improve their FICO scores.
Jorge Abich and the rest of the SoCal Platinum Properties, Inc. team works with home buyers who have a wide variety of credit scores. Don’t let bad credit scare you away from pursuing a potential home purchase. We could put you on a plan to increase your scores and get you into the move-up house of your dreams.
About SoCal Platinum Properties, Inc.
If you are interested in buying or selling property in or around San Dimas, California and the surrounding area, don’t get caught in a Catch 22 — owning two homes or none at all. We list properties and advertise them to guarantee a swift sale for maximum profit. We also assist home buyers as they hunt for, make competitive offers, and purchase residential property. Realize your dream of homeownership, reduce your house payments to free up funds for whatever purpose you see fit. We offer the following refinance options: We offer the following Refinancing Programs: FHA Streamline, FHA Cash Out, FHA 203k, VA Streamline, VA Cash Out, Conventional, Commercial and Jumbo loans. Lock in your low rate today (213) 709-5178.