If you’ve been paying attention to the news lately, chances are you’ve heard reports of skyrocketing home prices, low inventory, and rising interest rates causing all kinds of havoc in the housing market, particularly in California. Even worse, if you’ve been looking for homes for sale in Vacaville CA, Fairfield homes for sale, and even home rentals, you know all too well that the news is true. Take heart, though. With some patience and perspective, you may find that there are homes out there at the right price and right location for you. Here’s why:
According to the California Association of Realtors, the median sale price of homes in Solano County fell from $451,500 in September 2018 to $430,000 in October 2018, a 4.8% decline (although still about $15,000 more than in October 2017). Additionally, single-family home sales in Solano County are down by 21.5% compared to October of last year, creating downward pressure on local home prices. That’s pretty good news for those seeking homes for sale in Vacaville CA, Fairfield homes for sale, and even home rentals.
What about interest rates? Rising interest rates accompanying large home price increases over the past couple of years have started to take a toll by reducing the number of buyers who previously may have been able to qualify for home loans. Unfortunately, the opinions of the experts varies, with some expecting rates to continue rising and others expecting rates to be unchanged or possibly go down. Keep in mind that rates are still historically low right now but will likely rise in the future, barring a major economic downturn. Keep an eye on this while hunting for homes for sale in Vacaville CA, Fairfield homes for sale, and home rentals.
The current trend in our area appears to be softening home prices, though housing inventory may remain an obstacle. This means that you will have to move quickly if you see a home pop up that interests you. If you haven’t already done so, you should speak with your lender about getting pre-qualified or pre-approved for a mortgage before you start looking; a pre-qualified buyer will have an advantage over a buyer who has not yet been financially qualified. When a prospective property becomes available, you can be ready to pounce. Ease the process of searching for homes for sale in Vacaville CA, Fairfield homes for sale, and home rentals and see how Community Real Estate can help.
Lastly, but certainly not least, work with one of our experienced Realtors. We’ll help you craft an offer based on local market research and trends and work hard negotiating on your behalf to get you the best deal possible. The right home for you is out there – let us help you find it!
Browse our homes for sale in Vacaville CA and Fairfield homes for sale. Check out home rentals too and get in touch today!