Q. We are hearing about a big shift in the market, what does this mean for sellers and buyers now?
A. In my opinion it is better for everyone.
1) We are simply coming back to a more balanced market. For the last few years it has been crazy in many ways. Now with a current interest rate of 4.25-5.625 as of today we are returning to normal. An average rate is 6%. When my mother was a realtor the rates were from 13%-16%!
2) We had buyers coming from Northern California and L.A. and Orange county, our local buyers were knocked out as they could not afford to waive the appraisal or pay $100,000 over ask price. Houses were receiving 25 offers and going pending in 2 days. Now we have normal time on market, a handful of offers and sellers willing to work with buyers. For the last few years it has been a fight. Buying a house should be a dance, all parties working together. Many sellers were afraid to sell because there was nothing to buy. Now it is better for buyers and sellers.
When you are working with the right agents there is always a way to make it work. Send in your questions!
Rebecca Monge
Realtor DRE #01961244
Tanksley Monge Team
Professional Realty Services International
760-912-4731/ rebeccamonge1965@gmail.com
Tanksleymongeteam.com
