Do we keep business as usual or go on lockdown? Tough questions deserve tough answers. Unfortunately we don’t have a lot of answers yet, but we can review the most current data and make smart decisions that impact us now. In times like these when we are deciding if we should buy or sell, its important to look for “anchors”. An anchor in this case would be something you can count on; a fact that you know is accurate. The current facts are: inventory is very low and interest rates are very low. Sellers can still feel at ease about selling their home now because there are very few homes on the market. Not many homes available means better chances you will get a buyer. There are, however, enough homes still coming on the market, which means that it is still “normal” to list your home for sale. As of this writing there were 6 new homes listed in Camarillo within the last 24 hours. Buyers should be aware that the historically low rates can save you hundreds of dollars a month and tens of thousands over the life of a loan. The choice is yours. Some people I have spoken have said that they are going to wait and see what happens. Others have said that you must buy on terms, because eventually all California real estate will continue to go up. Finally, some are saying that times like this create fantastic opportunities. The choice is yours. I know that I will be the one looking for opportunities.
For a little light reading, see this message from the California Association of Realtors about the impact of the Corona Virus.
Based on the above stats, please review the following ideas to help guide your decisions:
Aren’t you always looking for a deal? Well the time could be here to find a great opportunity. Stay in touch with your realtor for good buys. With uncertainty comes moments for you to make wise choices. Let me know and I can keep an eye out for you to let you know if something comes up off market.
I know its a little crazy right now, but its a fact that rates are so low. They are tantalizing you to buy. If you know you are going to stay in the home for a few years then it is probably worth it to take advantage of these low rates. However, if you are looking to buy then move in a short time, then you may want to wait since selling could be unknown.
Right now is still a great time to sell as there just isn’t enough homes on the market. Sure, some say that the market is affecting buyers, but I also know many people who have the cash and are looking to move or buy more investments RIGHT NOW. In addition, buyers still want a “turn key” home.
If you liked these stats please reach out and let me know about it! If you have any questions about the Real Estate market or the process of buying or selling a home please contact me. Contact me today if you are ready to buy or sell a home.