Welcome to the April 2019 SoCal Real Estate Market Update!
We just finished the first quarter of 2019 and are heading into the 2nd quarter of this year. The BIG question that buyers and sellers want to know is what can they can expect from the SoCal Real Estate market during the spring and summer months?
Historically, the spring and summer months in Southern California are the busiest months of the year to buy or sell a home because the weather is fantastic, we have longer days, and this means more time for buyers and sellers to accomplish their Real Estate goals.
What Will Spring and Summer 2019 Look Like?
How will the local Real Estate market be different during the Spring and Summer months of 2019 compared to last year? The good news is that as we’ve talked about recently, the Federal Government has announced that they are not planning on increasing interest rates this year.
Over the last two weeks, we’ve seen mortgage interest rates drop, and at one point the interest rate for a 30-year fixed mortgage rate was at about 4.00%.
When mortgage interest rates drop quickly, this also means that more sellers across Southern California and the United States have been listing their homes for sale and homes that are priced at $700,000 or less are selling fast.
First Time Home Buyers Are Taking Action
We’ve also seen a massive uptick in activity when it comes to buyers getting pre-approved for mortgage loans, especially first-time home buyers.
Interest rates often are a key factor when it comes to if a first-time home buyer will “get off the fence” and actually purchase a home within the next 90 days or not.
If you’re planning on selling your Southern California home, now is a great time to list your house for sale, especially if it shows well and looks fantastic. We can help you get top dollar for your house.