One phenomenon that has surprised many home seekers this year is the competition that awaits them when they begin their search. With the pandemic restrictions, many assumed that the housing market would slow down, but that has hardly been the case, especially here in California.
California homebuyers’ demands have escalated for several reasons, primarily because of low interest rates and the need for more space now that families are home more, engaged in work and school. Many of our homes’ shortcomings have been magnified with the increased time being spent there.
Finding your dream home today is more challenging than ever, and some shoppers are tempted to put their search on hold because of the stiff competition. The latest data from the National Association of Realtors found that in today’s market, the average house receives 3.4 offers before it’s sold. This means that for every buyer who purchases a home, there are on average 2-3 buyers who need to begin their search all over again.
Experts anticipate home prices will continue to rise into 2021 along with interest rates as the economy strengthens. With this scenario facing prospective buyers throughout California, they will most likely run the risk of finding a more expensive housing market when they start looking again. The conclusion to be made with these prospective outcomes is that the winter of 2020-2021 is the right time to make your move!
If you find yourself needing a fast close to put you in a better position against your competition when making your real estate offer, consider a private money loan from Sun Pacific Mortgage. We offer quick private money loans that will make your offer stand out in the crowd. Give us a call at 707-523-2099 and see what we can do for you.