Are We Looking at a Change In California Real Estate?
When we review the real estate market over the past couple of months, more than a quarter of listed homes has had a price drop according to Redfin. Additionally, the supply of homes has increased for the first time in three years according to the National Association of Realtors. There has been a market shift, especially in California.
Median home prices remain in the higher ranges for the time being, though. Even in Silicon Valley inventory is increasing and sales are slowing. Where a seller could expect 15-20 offers, the odds are that it will take longer to sell today, and the seller might receive only four to five offers.
Another issue influencing the real estate market in California has been the lack of single-family construction. There have been recent gains though in this arena with new construction increasing 16% over last year.
All these factors mentioned above bode well for Buyers in today’s market: You may not need to scramble as much to obtain your dream home, but on the other hand, you may not be able to sell your present home as quickly. That’s where a Bridge Loan from Sun Pacific Mortgage comes to the rescue!
Bridge loans allow you to purchase your new home before selling the present one, and this is just one of the many lending programs you will find that we offer.
So, give us a call at 707-523-2099 and see what we can do for you in this ever-changing world of real estate.