While the housing market forecast for the second half of this year remains healthy, there may not be a better time to sell than right now. According to the National Association of Realtors (NAR), homes are selling in an average of 17 days, and in California that number drops significantly.
Average days on the market is a strong indicator of buyer competition, and homes selling quickly is a great sign for sellers, not so much for buyers! With inventory down, sellers can expect to receive multiple offers on their home in today’s market. NAR reports sellers are seeing an average of 5 offers, and these are competitive ones.
If you doubted the competitiveness of today’s real estate market, you have only to look at a recent review of the San Francisco Peninsula statistics for June. This data shows listings sold for anywhere from 8%-15% above asking price. This opportunity to pick and choose what offer to accept allows the seller to select the one that makes the most sense for their situation and financial well-being.
Over the past couple of years in California, homeowners have gained significant equity. Equipped with this leverage, many sellers are looking to buy more suitable housing for their families. But what if you find the home of your dreams and you haven’t yet sold your existing house? To make a clean offer and help ensure the purchase of your new home, buyers are looking for fast bridge loans to span the gap.
Sun Pacific Mortgage (707-523-2099) has offers a variety of private money mortgage programs, among them, bridge loans for both owner-occupied and investment properties. By borrowing the equity for a short amount of time a buyer can close an escrow faster and not risk the chance of losing their desired new property by tacking on a contingency to their offer.
Our family owned and operated company of more than 33 years, has been able to get the necessary funds into escrow within a week, far sooner than conventional lending institutions. Give us the opportunity to help you with real estate funding in California.
Call us today at 707-523-2099!