As we continue towards the holidays and the end of the year, we should expect less activity in the market.  This is a seasonal effect and no surprise.  This year, however we have a lot of additional variables to consider as well.  Fears of the market turning are there.  In addition, the FEDs recently increased interest rates for the third time this year, with many believing they are going to raise again by the end of the year.  This increase will have an immediate effect on most equity lines of credit and other products tied to the prime rate.  We also expect 30yr. mortgage rates to continue to rise into the new year with rates climbing to 5%.  Right now, rates are around 4.625% on a 30 year fixed product with no points.   As a lot of the slowing in the market is seasonal, we will have to wait until the end of Q1 of 2019 to better understand how the effects of the other variables and what impact they will have on the market.  These potential market changes however, do not change the fundamentals of selling a home and making sure you get the most money for your property.

Advice for SELLERS:

The fundamentals stay the same in every market - pay close attention to the relative supply and demand ratio for your area.  As always, marketing, pricing and negotiations and the agent you choose to work with are going to be the top reasons you get the most for your home in any market climate. Homes don’t sell themselves for top dollar just because you put a sign out and put some pictures on the internet - so it’s important you work with a professional that knows how to maximize every step of the process to net you the most money.   

• Price your Property Right - It’s more important now than ever to price your property correctly.  Buyers are very sophisticated because property information is all over the internet.  Buyers know what properties are selling for so don’t grossly overprice your home.  If you are around 5% more than market value, you should still anticipate offers.  If you are 10% or more above market value, you may be waiting for a long time to get an offer.  Price it right the first time.  Chasing the market will cost you in the long run.  

If you are considering selling but aren’t sure where to start, give us a call for a FREE phone or in home consultation to go over all your options.   

310.573.8670 - Dennis@DennisAdelpour.com

Advice for BUYERS:


Interest rates are creeping up and will probably continue to go up through the rest of the year and the beginning of next year.  If you are working with an approval letter that is 30-60 days old - check back in with your lender because there is a good chance rates were lower when you initially got approved.  Now, with rates a little higher - your buying power may not be as strong as it was before.  In an environment where rates are constantly fluctuating, make sure to check in with your lender at least once a month for an updated approval.  Multiple offer situations are still very prominent in some areas.  Inventory is still scarce so off market opportunities are always a great option.  Statistically speaking, buyers tend to find the best deals in this time of the year - through the end of the year.  If you’re serious about buying now is the time before rates go up any further.

 
Connect with us to help you find off market properties through our proven strategies. 
310.573.8670

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