Santa Clarita Home Prices Take a Sizable Upswing In January
Last year, there were some experts and analysts wondering just how long the real estate market could continue to rise. There were definitely rumors of changes in light of interest rates being raised by the Federal Reserve at the end of last year.
January is usually a very slow month for real estate. Many buyers and sellers are recovering from the holidays, and it's usually not at the forefront of the "to do" list. Typically, we see a slight drop in home values between December and January. For example, last year January saw a $15,000 drop in home prices from December of 2014. At the beginning of 2013, home prices dropped nearly $40,000 in one month. You get the picture, right?
However, this January saw single family home prices actually JUMP by $12,000 over December's closing price of $518,000. That's right. TWELVE THOUSAND IN ONE MONTH!
How is this happening in what's normally a slow month for real estate?
For one, mortgage rates are still dropping. That's right! We've seen them go down almost half a percentage point in recent months, and currently (As of the date of this post), rates for a 30 year fixed rate mortgage are at the nearly historic low of 3.64 percent. Qualified buyers can get a 15 year fixed rate home loan for just UNDER 3 percent.
If that's not motivation to get "off the fence" and find your dream home, then what else is there?
This of course is helping to spur home sales the likes we haven't seen in years.
What's holding you back from buying a home?
Many potential buyers remain on the fence becuase they think they may not qualify for a home loan. Of course, many that we talk to admit they've never spoken with a licensed real estate professional or a home mortgage advisor. You may be surprised to find out that there are programs out there for those with less than perfect credit scores.
But I need 20 percent down to buy a home, don't I?
Not necessarily. There are home loan programs that allow qualified buyers to put down as little as three and a half percent.
What if I'm self-employed?
While there may be a few hurdles to overcome if you run your own business as opposed to someone who is employed on a W-2, there are new programs out there that make it a bit easier to qualify.
What should I do first?
Contact Team Avalos for a no obligation real estate consult. We are full service, FULL TIME, licensed professionals ready to serve your home buying and selling needs, and assure you we are here to help you reach all of your real estate goals.