Thinking about selling or buying a home?
If you’ve thought about selling, now is the time. Here in Burbank (California) homes continue to sell above the asking price and are on the market for a little over 10 days. How long will this trend last? Indicators show the market will stay the course for the remainder of the year.
Realtor ® Magazine reported, "bidding wars are still common, but economists are starting to notice the competition lessen somewhat." This could be a sign of buyer’s fatigue or people taking overdue vacations. The airline industry has reported they “scheduled and operated more flights in May 2021 than any month since the start of the pandemic in March 2020.”
This also makes it the perfect time for first-time buyers to take action. With minimal competition, you have a better chance of having your offer accepted. Freddie Mac reports supply of entry-level housing, which are homes under 1,400 square feet, is at a five-decade low, and they don’t expect the shortage to slow in the next ten years.
Is the down payment the next obstacle? Were you aware the “average down payment among all buyers is just 12"? Younger buyers, between the ages of 22 and 30, tend to put down an average of 6%. Buying a home should not be an unattainable dream. There are down payment programs that you may qualify for.
Don’t limit yourself. As a real estate professional, it is my job to know what is going in the industry and how I can help and advocate for my clients.