Along with the progress of every industry, the real estate market is changing, and more people are avoiding agents all together in their transactions. Alternative solutions are much easier to find with the world’s knowledge at your fingertips, and as with other industries, a new option has emerged for buyers and sellers. So read on as we explore three ways the real estate market is changing in Los Banos and Surrounding areas. Tom and Nancy Buy Houses have several options that we can help you with. Contact us at 559-715-1651.
The California housing market is experiencing a major shift. Although the median sale price increased by 0.5% in September 2022 , the number of homes sold dropped by 37.5%. Homes are staying on the market for longer as buyers struggle to find affordable housing with mortgage rates at a 20-year high of 7.08%.
Tom and Nancy Buy Houses are asked these questions all the time:
Are home prices in California expected to drop?
Housing Market Forecast for California Metro Areas
Based on Zillow’s data , the California housing market is expected to experience a slowdown in 2023 and 2024. According to Zillow, the average home value in California is $728,134, down 1.7% over the past year, and homes go pending in around 24 days.
What happens to my mortgage if the housing market crashes?
What happens to my mortgage if the housing market crashes? A housing market crash won’t affect your existing fixed-rate mortgage. However, if the value of your home drops below your purchase price, then you’ll be making payments that are greater than the worth of your property.
Will interest rates go down in 2023?
When Will Interest Rates Go Down? First, we expect the Fed to pause its rate hikes by summer 2023. Then starting around the end of 2023, we expect the Fed to begin cutting the federal-funds rate.
Is the housing bubble about to burst?
Demand for homes remains high, and there are fewer home sellers than there were in 2022. And while the market is cooling, experts don’t expect an actual housing crash to happen or a housing bubble burst. Learn more about housing bubbles and the current real estate market.
These are 3 ways the real estate market is Changing
Speed
Speed isn’t typically something that comes to mind when considering hiring an agent to sell your home, and they can’t guarantee a sale or promise the closing date. Yet, technology allows for nearly instantaneous fulfillment of orders and has increased the demand for processing speedy transactions and changed the mindset of consumers. One of the ways the real estate market is changing in Los Banos and Surrounding areasfor sellers is in how professional investors like those at Tom and Nancy Buy Houses work with a full-service in-house team of industry specialists, including every pro needed to close your deal within days. For sellers, the professional investors at Tom and Nancy Buy Houses offer guaranteed closings, and you can work with us to pick the best day for your move. For buyers, the professional investors at Tom and Nancy Buy Houses have built vast connections within the local Los Banos and Surrounding areas real estate industry over the years, providing real estate investors with the scoop on great deals. Want to sell your house with speed due to Foreclosure, Job Relocating, Vacant House, Tired Landlord, Probate, Divorce, get in touch with Tom and Nancy Buy Houses or call us at 559-715-1651.
Expenses
Another way the real estate market is changing in Los Banos and Surrounding areas is in the standard expenses of listing with an agent, which now must include high-quality digital photography, drone footage for virtual tours and the services of a professional stager, to name a few. They usually charge you between 6%-8% to sell you house, depends if they have to pay their broker or if they are indepentant.
On the other hand, professional investors like those at Tom and Nancy Buy Houses won’t list your property, so there’s no need to spend money out-of-pocket when you sell directly, Tom and Nancy Buy Houses don’t charge you any commission fees or closing costs. Instead, the professional investors at Tom and Nancy Buy Houses work with the most highly regarded skilled tradespeople in Los Banos and Surrounding areas to assess the property and provide realistic numbers for comparing available investment properties to earn the highest returns on your investment. Tom and Nancy Buy Houses have specialized knowledge people that help on our team to make sure you get the highest price on your home.
Convenience
Another way the real estate market is changing in Los Banos and Surrounding areas is in the convenience offered through alternative options, such as a direct sale to a local professional investor like those at Tom and Nancy Buy Houses. With a direct sale, you don’t even need to worry about making repairs; the professional investors at Tom and Nancy Buy Houses buy homes as-is. You can skip the headaches of showings or keeping your home picture-perfect at all times. The professional investors at Tom and Nancy Buy Houses will provide the information you need to decide if listing or selling directly is best for you. Tom and Nancy Buy Houses will tell you what is best for you to do.You’ll have a comparison of the amount you could earn from listing vs. the fair offer for a direct sale; sharing the details so you understand how we reached our number. A professional investor at Tom and Nancy Buy Houses will tell you if a listing is better for you. The professional investors and the team at Tom and Nancy Buy Houses believe in total transparency because we want you to feel good about working with us long after the closing, whether you’re buying or selling real estate in Los Banos and Surrounding areas.
The real estate market is changing in Los Banos and Surrounding areas, and the professional buyers at Tom and Nancy Buy Houses are ready to help you navigate the ever-evolving real estate market while saving you time, energy, and money. The professional buyers and their team at Tom and Nancy Buy Houses are your neighbors who live and work here in Los Banos and Surrounding areas and are proud of our work, improving our community, and helping people overcome hurdles. The professional investors at Tom and Nancy Buy Houses make buying, selling, and even managing real estate holdings easy with our property management team. Call Tom and Nancy Buy Houses at 559-715-1651.
.Tom and Nancy Buy Houses are asked these questions several times.
Will it be easier to buy a house if the housing market crashes?
During a traditional recession, the Fed will usually lower interest rates. This creates an incentive for people to spend money and stimulate the economy. It also typically leads to more affordable mortgage rates, which leads to more opportunity for homebuyers. Since we are in a recession we don’t have that option due to high prices.
Will interest rates go back down in 2024?
The Fed penciled in a 5-5.25 percent peak interest rate for 2023, after which officials see rates falling to 4.25-4.5 percent by the end of 2024.
What will mortgage rates be in 2024?
The average interest rate for the benchmark 30-year fixed mortgage reached 7.08%, as of Monday. However, with the economy expected to cool and possibly dip into a recession, many recent forecasts expect rates to drop to 6% or below in 2024, including a Fannie Mae projection of 5.2%.
Tom and Nancy Buy Houses will help you sell your house, you don’t have to make any repairs, we don’t charge you commission fees, we don’t charge you closing cost. We are here to help you get through some difficult times. Contact us at 559-715-1651.