The CREM Group has seen many markets over the years. Demand has gone up and down and supply ebbs and flows as the economy chugs through its cycles. Today, we’re seeing unusually high demand and a woefully low supply… which means home prices will be going up. Part of the reason is that interest rates are still low. But also, working and living at home means people want bigger residences. All four of these forces, supply, demand, interest rates, and a thirst for bigger houses, make for a lovely market if you’re selling, but watch out if you’re a buyer!
Back in our November 19, 2020 blog post, we indicated that demand would continue to be strong through 2021 as the vaccine rolled out. We said that interest rates will stay low. (We saw a rate as low as 2.125% on Bankrate.com today.) And they will remain low until the second half of 2021, according to Realtor.com. It’s a long way of saying, if you would like to buy a home, in or out of probate, you’d better be prepared to act quickly!
Rules of the Footrace
According to a December 2020 Forbes Magazine article, the increased demand will pose an affordability problem for buyers, especially first-time homeowners. We have some pointers:
1. Pay any outstanding bills, so your credit looks squeaky clean.
2. Then, start seeking a home loan well in advance of looking for your home.
3. Compare rates.
4. With an approved loan in your pocket, you can beat out your competitor if they don’t have their financial ducks in a row.
5. Some people suggest getting approved for the highest loan amount possible. You don’t have to use it all, but it gives you more negotiating room than if you’re at your absolute peak, and you can’t edge out the other buyer with a few thousand dollars more in your offer.
6. Work with an experienced realtor with excellent market knowledge and negotiating skills to get the best deal (the CREM Group, for example).
9. Consider a probate or trust home. Sometimes they’re less expensive because the family is often in a hurry to sell.
10. Don’t hesitate if you see something that fits. Call the CREM Group.
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As long time probate real estate agents and as attorneys working in and around all kinds of properties in Los Angeles and Orange Counties, the CREM Group has made sure we support our clients, so they know the alternatives to buying, selling, or renting probate, trust, and conservatorship homes and commercial properties in California.
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As always, contact us by email here if you have any questions about real estate, probate real estate, conservatorship, or trust real estate properties, especially in Los Angeles and Orange Counties in California.
DISCLAIMER: This content is meant purely for educational purposes. It contains only general information about real estate matters. It is NOT legal advice and should not be treated as such.
We recommend consulting a legal or tax professional before acting on any material, opinion, or perspective described herein.
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COVID-19 Safety. As all of us at the CREM Group market and sell our inventory of probate, trust, and conservatorship homes for our clients, we adhere to the COVID-19 regulations set by the California Association of Realtors.