Why is it a great time to buy in this shifting market? Stay tuned.

Hi, I’m Scott Himelstein with the Scott Himelstein Group. And today I want to talk about why it’s a great time to be a buyer.

Now, not everybody is go to at this moment in time. A lot of people are asking me, hey Scott what’s going on in the real estate market? And some of my friends and family are even teasing me like, oh must be a great time to be a real estate agent right now. And I’m thinking, what are you watching? What are you seeing? Because what I’m seeing and what my team is seeing tells a very different story. And that is, it’s a great time to be a buyer right now. Now let me explain to you why that is.

We’re coming out of a market where, yes mortgage rates were at the very low 2 to 3% range. Now that’s fantastic. But what that did is it brought all of these buyers into the market and homes were just flying off the shelf. You list a home, you get 20 offers and there was no room for negotiation whatsoever. There was no room for things like contingencies or inspections and you really want to have those things in place.

So right now what we’re seeing is that yes, full transparency mortgage rates rose really rapidly really quickly. And that happens when inflation happens. So we went all the way up to 9.1%, according to the Fed but we’re starting to see everything come back down again. So from 2% yet, it’s really insane for mortgages to come up into the sixes. And that is kind of high. But right now they’re kind of starting to coming back down into the fives, even in the fours and that’s manageable. And those are manageable rates that you can work with as a buyer.

Now, what’s even more beautiful about this situation is because on the way the market has shifted. So prices of homes are also starting to come down a little bit. I say a little bit, because depending on the neighborhood it’s probably between 7 to 15%. From where we were earlier this year at the peak. Now this probably, and I don’t have a magic ball but this probably won’t last long. So we’re in a space where prices are coming down. Mortgage rates are super, super accessible. And on top of that, ’cause of the fear that the media is creating buyers are backing out. So while there were 20 people going for every single home that got listed even just six months ago now they’re much fewer and this is incredible.

So yes, now you have the opportunity to negotiate the price but there’s also the opportunity for a lot of creativity that we can have with this. We can ask for credits, you can ask for closing costs, we can ask for an interest rate buy down now. So I’m not saying this is gonna happen on every single home and every time, but we really do get to have fun with this part of the process because we know we actually have a leg to stand on now. So what I would love to do is be able to have a conversation with you and help you navigate this home buying process in the greater Los Angeles area or Porter Ranch. So it really truly is an incredible time to get in there and get creative with our offers and get you exactly what you want at a price point that feels really good for you.

I’m Scott Himelstein with the Scott Himelstein Group. Feel free to reach out to me with any questions. 818-396-3311. 818-396-3311. And obviously make sure you subscribe to all of our channels on YouTube as well as social media.