Welcome to San Diego Blog | October 22, 2013
Home buyer optimism this fall season
Home buyer optimism regarding the future of home sales is up and continues to grow, according to the California Association of REALTORS. Current market trends indicate that a steady boost of available purchase inventory is moving the market from a sellers market in the direction toward balanced market.
Here are a few underlying reasons for this optimism:
- Even though mortgage rates are increasing since they bottomed out last winter, rates are still historically low and are expected to remain fairly stable this fall.
- Home price growth has slowed over the past few months, foreclosures continue to drop to pre-housing-bust levels, and the low inventory supply is slowly starting to increase.
- Housing markets continue to improve.
- Home ownership also has several tax benefits – such as the Mortgage Interest Deduction.
- Distressed sellers who lost their home over the past several years due to income reduction or job loss, can now apply sooner for a mortgage. A second chance, albeit a cautious decision, is a step in the direction of optimism.
Check out the graphic below to see the increase in buyer optimism:
If you are considering a home purchase, or if you would like us to help sell your home, our Welcome To San Diego real estate team is here to help. Give us a call: 619-356-3099.