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.