Westside Buyers: Market Turned In Your Favor

Westside buyers

If you are thinking about buying a home, then you might just be in luck. The market is currently favoring Westside buyers for a variety of reasons. How will this affect your buying experience on the Westside?

What Changed for Westside Buyers?

Home prices on the Westside have been skyrocketing for the last several months. However, with these higher prices came higher down payments and higher mortgage payments. As with all markets that are that hot, some cooling is expected and that is just what is happening on the Westside.

Although the market has cooled, it is by no means cold. The entry price for homes is still high, but:

  • There is now more inventory
  • Homes are not selling quite as quickly

This gives Westside homebuyers more time to decide on the best house without rushing into a deal that doesn’t make sense for them.

Other Good News

In addition to the cooling of the market in the area, there have been other great changes in the real estate market as a whole that are helpful to buyers. The biggest is the declining interest rate. The 30-year fixed rate declined by 0.5% in the last three months, making mortgages as affordable as one year ago.

Because of the lowered rate, buyers need 22.2% of median income to purchase homes in the area. At the end of 2018, buyers needed 23.4%. Though the difference may seem small, it equates to a 6% increase in purchasing power for Westside buyers.

If you are considering purchasing a home on the Westside this year, I’d be happy to help you understand the market and how it will affect your buying decisions. If you want to sell your home, I can help with the best strategies to get your home sold quickly and for the highest price. Call me today.

© 2019 The Raskin Group. 2115 Main Street Santa Monica CA 90405 (310) 867-0173

 

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

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