Is Now Still a Good Time to Buy a Home or Income Property?
By Laura Hertz, Loan Officer, CSMC Mortgage
If you are thinking of buying a home or income property, now is still a great time to purchase. You have the chance to get into the market before rates drop more and there is even less inventory. Once you purchase your home, you can always refinance if rates drop later.
Recently, we have seen lower mortgage rates which means greater purchasing power for you. The same mortgage payment in today’s market can buy about 15 percent more property value compared to just three months ago. This is obviously beneficial, and it is expected that rates will continue to drop.
According to real estate data company Altos Research, February 2023 began, for example, with just 466,000 single-family homes for sale, marking the tightest home inventory since last June. This is a clear sign that property values and the real estate market is not heading for a crash and is continuing to stabilize. Despite this tighter inventory, sellers are willing to give concessions allowing you to buy a home or income property at lower, more affordable prices.
There are some great programs for first time home buyers with lower rates if you fall into a certain income category. In addition, there are lots of different options for investors. Overall, the current market presents opportunities for buyers, such as lower mortgage rates, home prices flattening and sellers willing to make concessions.
The author, Laura Hertz, is a Loan Officer at CSMC Mortgage located in Westlake, California. For more than 25-years, Laura has been a leading mortgage loan officer and she specializes in single-family and 1-to-4-unit residential properties. For more information, contact Laura at (805) 724-0755 or firstname.lastname@example.org. Equal Housing Lender. Loans made or arranged pursuant to the California Financing Law.