Buying a home in California can always be quite a challenge. However, it’s especially difficult for those who are looking for their first home. It is not uncommon for buyers to discover that homes in their price range are fixer-uppers that may need a lot of work.
It is expected that home prices will continue to rise in the spring of 2019. In March 2019, the median price for a home in the United States was $300,000. However, a buyer may be able to negotiate with a seller to get the home that they want at a price that they can afford. Another factor in a buyer’s favor is that mortgage interest rates are hovering at 4.42 percent. Lower interest rates tend to make homes more affordable. Of course, interest rates don’t matter if an individual can’t get a loan, and the FHA has recently tightened its lending standards.
As inventory levels start to rebound from historic lows, there will likely be more homes for buyers to choose from. This is what gives them some leverage to negotiate a lower price or get other concessions from sellers. Inventory levels increased in March 2019, but they are still lower than they would be if there wasn’t a slowdown caused by the 2008 financial crisis.
Buying residential property may seem like a frustrating process. However, someone who has a quality real estate agent and trustworthy attorney might be able to find a good home at a fair price. These professionals may give advice as to what a buyer could do to maximize their chances of having an offer accepted. If an offer is accepted, an attorney may review the deal to make sure the buyer understands what they are agreeing to.
