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?