The real estate market is revving up for the usual spring increase in activity. I started getting more buyer calls in the office right around the first of the year. I think that both buyers and sellers are starting to feel more confident about the current conditions of the market. The media have been putting out many articles commenting that the market seems to have adjusted to a more normal rate of sales and appreciation. Mortgage rates are still low. The National Association of Realtors (NAR) is projecting a slight rise to 6.7% towards year end. According to NAR chief economist David Lereah,
“The current interest rate environment and housing inventory levels present
a window of opportunity for potential buyers.”
The Topanga market has interested buyers ready to move. Our inventory is not as large as I like, but many sellers wait until this time of year to put a home on the market to take advantage of spring conditions. If you are a potential buyer, now is the time to take a look at your personal financial picture with a good mortgage lender. It's always easier to shop when you know exactly what's in your budget.
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