It’s a common point of discussion for people in the mortgage and real estate industries. We all know that late spring and summer are typically when we see the “hottest” real estate markets. It’s all a matter of demand. When home buyers are most motivated, that’s when the market heats up.
Home Buyers Are More Inclined to Buy Now
Redfin recently performed a survey where they asked over 1,000 potential home buyers about their current interest in buying a home. The most popular answer was “I’m more inclined to buy now.” The second most popular response was “There’s increased urgency to buy before prices or rates increase,” which obviously goes hand in hand with the first answer.
The fact is, buyers are feeling an increased sense of urgency and desire to make their moves as soon as possible. 43.1% responded that they were more inclined to buy now, which is up from 33% at the same time last year. That is a major increase in buyer demand from year to year, especially in the early part of the spring market.
The “Traditional” Market
Summer is usually when the most home sales happen nationwide. The weather is good, though that’s much less of a factor here in San Diego. Mostly, it’s because many home buyers have families, so a move during the summer while kids are out of school provides the least disruption to their normal lifestyles.
We still expect summer 2017 to be a great real estate market. It’s just gotten an early start this year because buyers are so motivated. With low interest rates still available and home values continuing to rise, it certainly makes sense why buyers don’t want to wait. The flip side is that housing inventory is still very low and there’s a lot of competition for these motivated buyers.
Helping You on the Road to Homeownership
At Transparent Mortgage, we understand just how motivated today’s home buyers are and just how competitive the market is. That’s why we do everything in our power to secure the best possible mortgage loan terms, lock in the best rates and make the closing process as smooth as possible for our clients. The current low rates and high home values also make it an ideal time to refinance.
If you are looking to buy a home, it is vital that you get pre-approved for your loan. That will make your home search easier because you’ll know exactly what you can afford. Plus, it will make the loan closing and escrow processes easier. When you find the home of your dreams, you don’t want to lose it. It pays to be prepared for your mortgage loan, so contact Transparent Mortgage today at (619) 929-0199 to get started on your home buying experience.