This is my initial post to this blog. As some may know, this blog was previously attached to my mortgage website. I've since discontinued the website but will continue to blog here at Woody's Western Blog. You can still visit my real estate website at http://www.woodyharper.com/ .
I've seen many different markets in my 30 plus years in real estate and mortgage. The current SoCal real estate market can be compared to none previous. Yes, we've had foreclosure markets where values decreased and the only real inventory were REOs. Yes, we've seen mortgage rates historically low before. What we've never seen are real estate sales prices decreasing so much, so quickly. We've never seen mortgage rates as low as they are at the same time.
This market has created the most opportune time to buy residential real estate, in SoCal, ever! At this moment, there are not enough properties on the market to satisfy buyer demand. We wrote an offer last week on a property that had been on the market for 1 day. By the time our offer was submitted, at the end of the day, there were 24 other qualified offers! We offered $35K over asking price and were not close enough to the best offers to be countered. Now, our client and 23 others just like her are back in the market searching for homes that are comparatively rare.
This is not unique. Most of our clients must submit an average of 6 or 7 offers to finally get into escrow. The buyers that are winning in this market must be diligent and tough. Once an offer is rejected.... on to the next.
Why is this market like this? The answer is clear. Combining low prices and low interest rates, that exist at this moment, creates a payment that rivals a rent payment for a similar property! This is also accomplished with a minimum (3.5%) down payment! We see first time buyers competing with investors to buy these properties. Both parties know that NOW is the time to move to secure the best possible home to live in or the income property that provides positive cash flow with minimum investment!
I've got to get back to work, now. We're truly enjoying helping buyers take avantage of this incredible market. As always, feel free to contact me with any questions or just to say hi.
Woody Harper
Prudential California Realty
woodyharper@gmail.com
http://www.woodyharper.com/
(714) 221-1325 Direct Office Line
About Me
- Woody
- Orange County California, United States
- Real estate and mortgage industries since 1975. Specialized in residential mortgage and residential real estate sales. Worked in the capacity of salesperson, sales manager, general manager, owner and loan officer. Secured a broad and unique view from both industries. Taken small real estate and mortgage companies and increased gross commission income 10 to 40 fold in relatively short periods of time. Currently: Heading the Harper Group, selling Southern California residential property. The current market, consisting of both low prices and low interest rates, have created opportunities for buyers to afford to move from being renters to owning their own homes. We're busy helping first time buyers to savvy investors take advantage of this remarkable market.