To buy or not to buy? This is probably the second “age-old question. The first would be, “Where did I put my keys?”
Buyers are typically used to waiting for dips in the market before they make their final decisions to purchase a home. Normally, this is a sound practice. In California home prices continue to climb. Can you afford to wait?
According to data just release by the California Association of Realtors, “An extremely favorable lending environment and a strong interest in homeownership will continue to motivate financially eligible buyers to enter the market.” In addition, C.A.R economists believe that this is not a housing bubble of the early 2000’s. Housing values, while higher, are not unrealistic for our California market.
Increasingly lower housing inventory and historically low interest rates are driving home prices up and this is expected to be the case through at least the first quarter of 2021. If you are waiting for prices to come down, you may end up waiting too long.
There is some talk of uncertainty in the economy through 2021 keeping prices in check after the first quarter. However, as long as inventory and interest rates remain low, buyers may want to GET while the gettin’ is good!