Buying A Home in A Cooling Market
Over the last two weeks, we’ve been talking about how the Real Estate market has cooled off and what that means to sellers.
Today we’re going to talk about what a cooling Real Estate market means to buyers and how you can successfully buy a home in today’s market especially if you’re thinking about buying a home now or in the very near future.
#1 – There Are More Options to Choose From
The first thing you need to realize as a home buyer is that you have more home buying options to choose from.
What a difference 6 months to one year makes!
Now you can find plenty of great homes for sale in Southern California and more inventory is expected to come to the market within the coming months.
#2 – Some Sellers May Be Motivated to Sell
Another important thing to consider as a home buyer is that there may be some sellers who are motivated to sell their homes right now.
Some of the most common reasons why a seller may be motivated to sell their home include a recent job transfer, death in the family, divorce, or lifestyle change.
When dealing with a motivated seller there may be an opportunity for you to negotiate on price and get a better deal.
This is also why it’s important to hire an experienced Southern California Realtor® like the Fred Sed Group to represent you during the process of buying a home.
#3 – Watch Out for Rising Interest Rates
Last of all, one of the most important things you have to be aware of when buying a home during a cooling market is the fact that interest rates are rising because the economy is doing better.
Many industry analysts predict the Federal Government to raise interest rates at least one or more times from now through the end of the year.
It makes sense for buyers to purchase homes now at the current interest rate rather than wait for another three to six months and purchase a home when rates go up again.
#4 – Take Advantage of a Great Home Buying Opportunity Right Now
If you find a great home for sale in Southern California that’s priced correctly, looks and shows well, and you can buy it at today’s mortgage interest rates, take advantage of it because it’s unlikely that you may be able to find a home buying opportunity like this again in your lifetime.
Search for Homes in Southern California
Ready to start searching for homes in Southern California? Contact Fred Sed Realty at (800) 921-9231 or connect with us online.