So far in 2016, we’ve seen the U.S. stock market’s worst start ever and an extreme decline in oil prices. The silver lining is we’ve seen some exciting developments on the lending side. Today, Brandon Moss from PrimeLending is here to give us the details. The good news is interest rates are the best we’ve seen them since 2012. For a 30-year-fixed loan, you can get an interest rate under 4%, and rates for 15-year-fixed loans are under 3%. Just last December we were at 4.25%, and now we’ve seen full or half-point decreases. It’s an amazing time for buyers, sellers, and homeowners who want to refinance.
In December, we anticipated that rates would increase. Since rates have actually decreased, buyers have a lot more purchasing power. If you got pre-approved in 2015, get that updated. You probably qualify for a much larger purchase price than last year. Even though home prices have increased, you can probably afford that house right now. We’d also like to remind buyers of a great program that allows you to pay 3% or 5% down with a conventional loan. This program is great for condominiums and townhomes. You can make a small loan payment and avoid the mortgage insurance that comes with the FHA. You can get a $625,000 loan and put 5% down. This is perfect for first-time and move-up buyers. If you have any lending questions, feel free to contact Brandon directly at BMoss@PrimeLending.com or (818) 256-4330. As always, if you have any real estate questions, please don’t hesitate to give us a call or send us an email. We would be happy to help you!
"Without my help, Addy and Hayedeh wouldn't have been able to sell as quickly in the Southern California market! Particularly, they spoke highly of my informative and punctual personality during the selling process and intend to refer people to my company. Although they admit to not listening to me fully at the beginning, they quickly understood the value of my service. They're so grateful that their home sold in 24 days for over $3,000 the initial price tag! I look forward to working with them again in the future." - Scott
I think that people often feel open houses are a thing of the past. Before the Internet came around, it was a great way to draw attention to a property. So, why do we still use open houses to sell properties? We are big believers in open houses, and this is because if they are marketed well, we can often find buyers that are seriously interested. People use so much search criteria when they go online that your home may not even show up in their results. They may never even see your home otherwise!
Sundays are typically when open houses take place, and real estate agents aren’t always available at those times. In an open house you can allow anywhere from 20-100 people to come and see your property. This eliminates the need for many different showings. Over 80% of our listings sold in 2015 because a buyer came to an open house. This is how we know that our open houses are working. We would love to help you sell your home in Porter Ranch! Don’t hesitate to contact us.
"These home sellers had been living in their home for 27 years, but I managed to sell it in one day and the Escrow period only last three weeks. They enjoyed a very smooth transaction, and they'll be moving into a rental home that I purchased for them just five months ago. These sellers actually own two rental homes that I helped them to find and invest in. I made those transactions equally pain-free and this couple can now enjoy living in their rental home while gathering income from their other property." - Scott
