Low interest rates continue to spur home sales in the SCV.
This comes as good news for sellers at a time when the market begins to shift and slow as the summer season comes to a close. Condominiums did take a slight dip last month, but dropped only $5,000 in median price overall.
Median equity in single family homes has risen $57,100 since January, with condos rising $30,000 over the course of this year. Considering your investment options, where else can you increase your overall wealth by this much in only 9 months?
Will mortgage rates remain low?
A few weeks back, rates dipped below 4 percent for the first time since the spring of 2013. This spurred a lot of not only buying activity, but a mini “refi boom” for homeowners looking to refinance their mortgage to a lower rate. They have ticked up a few 10ths of a percent, and are currently holding just over 4 percent, but even still, these are incredible rates, considering the historical average (Taken over the past 40 years) hovers right around 8 percent. The big question is, of course, will the STAY low?
A lot of economic positives have taken place in October that shows a continued trend toward our own economic recovery and growth. The economy did grow this month, and after a brief drop, the stock market has rebounded as well. So much so that the Federal Reserve has decided to completely end their monthly stimulus which helped stabilize the Mortgage-Backed Securities market. So far, this hasn’t caused much of a stir with investors, and rates have remained stable. While we can’t be certain what’s in store for 2015, we can say that many of the “doom sayers” who predicted loan rates would rise over 5 percent in 2014 were completely off their mark.
Team Avalos is here to answer all of your real estate questions and get the answers you need to help you decide whether it’s time to buy or sell.
Contact us today for a no obligation discussion about 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