JHT Market Update - EP 14
Home Buyer Demand Fuels Bidding Wars
California’s housing market rebounded in June with the largest month-to-month sales increase in nearly 40 years, while the median home prices set another record high, according to the California Association of Realtors.
Historically low mortgage rates and limited inventory have driven high demand from potential buyers and fueling bidding wars.
While this is great for the housing market, as a buyer it can be frustrating getting beat out by other offers when trying to secure the home of your dreams.
So, if you’re among the many people looking to buy a home this Summer or Fall, it is crucial that you have the proper guidance to navigate you through this market.
This pandemic is unchartered territory as far as real estate goes, and has had a dramatic impact on the journey home buyers must take to purchase a home.
According to a recent survey shared by the National Association of Realtors, 54% of buyers and 62% of sellers indicate that “particularly during the pandemic, a real estate agent’s guidance is especially valued”.
We encourage buyers right now to take advantage of today’s historically low mortgage rates and find a good realtor to make sure your offer is a strong one.
To the current market overview of the areas of Fullerton, Cypress & Yorba Linda over the past 7 days shows there are 60 new listings on the market, 58 new contracts and 52 sales.