First, a very big “Thank You” to the California Association of Realtors. CAR is responsible for the content of this article. But it is so much more. CAR is our real estate trade association, and it’s members are volunteers who work diligently to protect homeownership in California. I was a Director of CAR for many years, serving as Chairman of CAR’s Standard Forms Committee (yes, you can at least partially “thank” me for those 16 page purchase agreements), as well as other positions, including Vice-Chairman of the State Professional Standards Committee.
Anyway that’s enough about me!
1. Are home prices going down?
Some are, some are not. Many people are struggling to make payments, but lenders are providing “forbearance” to most of them, so there is at least a delay in when sellers will be forced to sell. Further, many homes have been removed from the market, and many others delayed in selling, which actually could result in prices increasing.
2. Will there be more homes on the market soon?
There is no question there are sellers who are holding off putting their homes on the market. As our current situation changes, so will sellers’ needs and desires. There will be job and family changes that will almost undoubtedly increase the number of homes on the market in coming weeks. We are already seeing this.
3. Will interest rates stay low?
Prior to the Pandemic, interest rates were dropping and had reached the lowest levels in our history. The experts are predicting that this trend will probably continue as we move on.
4. What about Your mortgage lender?
Great question! The market is changing every day, in fact several times a day. You need to first find a knowledgeable lender you can trust, and one with strong relationships with their sources, as well as a substantial number of sources. We can help you find the right lenders (maybe that on-line guy from the Midwest may not be the best idea right now)
5. Ok, sounds good, how do I get my dream home?
Well, that’s the easy part. Call us. More than ever, it’s important to find a caring, knowledgeable Realtor with great sources of properties and a true awareness of what your options are. You certainly don’t want to be out there looking on your own without competent professional support.