Low interest rates and more homes for sale in the SCV are giving buyers more options this year.
Data released by the Southland Regional Association of Realtors for the month of July show some interesting trends that are creating more opportunities for buyers, while still benefiting sellers as well.
The median price of single family homes dropped by nearly $14,000 from June, and condo prices dropped by $5000. That being said, sellers should take note that price fluctuations typically happen when the market heats up. We have also seen an increase in the number of escrows opened, and closed, during July…more good news for sellers. A total of 500 homes were listed for sale last month, with 415 escrows opened, and 373 escrows closing. Single family home prices are up by $35,000 from July of last year.
We’re still asking the question: “Why rent, when you can own?”
A lot of you who are still renting do so because you may think your choices and options are limited when it comes to buying a home. Pricing and financing are always two big concerns that keep potential home buyers on the fence, but with interest rates still incredibly low, your purchasing power is at its best. As far as financing goes, there are several options that can create opportunities to get into a home with low money (or in some cases, no money) down.
What if I don’t have “golden” credit?
Along with pricing and financing, the fear that credit scores may hold a buyer back from getting the home of their dreams may keep them on the fence as well. Did you know there are programs through the FHA that not only takes lower credit scores into consideration, but will reward buyers with a reduction in their mortgage insurance premiums, as well as a reduction in basis points through attendance of financial counseling sessions and good payment history.
In other words, there’s really no reason whatsoever for you to continue to rent a home if you don’t want to!
Team Avalos is YOUR CHOICE for buying or selling homes in the Santa Clarita Valley. Contact us today to begin your journey and to realize all of your real estate goals.
Team Avalos Real Estate
Keller Williams VIP Properties
25124 Springfield Court, Suite 100
Valencia, CA 91355
Office: (661) 290-3743
Carlos direct: (818) 399-4093
Rose direct: (818) 590-2077