Real Estate Reality Check – The Winds of Change

| Sand Canyon Journal | March 20, 2017

First of all, there is nothing like owning your own home; it’s certainly not something enjoyed by all around the world. Many people choose to rent a home, however, as it is less responsibility, and often times it is more financially the right thing to do. Residential real estate prices are always in a state of change. They go up and they go down. The same with interest rates – up and down. Presently we are in a market that is going up: In 2016, housing showed about a 5 percent increase and is expected to go up another 3 percent this year.

Traditionally, in Southern California residential sales are at their peak during the spring and summer. Presently, the housing inventory is low in Santa Clarita, which is consistent with rising prices. The National Association of Realtors indicates that the inventory of existing homes for sale a few months ago had dropped more than 9 percent in one year, to the lowest total since the year 2000. Sellers are in a strong position to make a good gain on their home investment. Remember, sellers, you will make even more on your home investment by making the home shine. That is to say, make your home look as similar as possible to what you find when going into the models of a new home development. In today’s market if you price it right you should have no trouble finding a buyer. Your professional real estate agent can assist you with establishing your home’s value.

If you have been setting money aside for buying a home, your timing is also very good. Interest rates are still very attractive, compared to years in the past. However, they are showing signs of going up and the higher they go, the more affordability goes down. The right home is out there for you, but sometimes it takes a little patience, so don’t get discouraged. Also, it is always recommended to talk with your tax consultant when making a substantial purchase such as a home. Your professional real estate agent can be a big help to you in getting through the process of buying a home. They are glad to sit down with you and provide guidance without charge.

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