Mortgage rates hit a new high with an average of 7.23% for a 30 year fixed.
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Inventory is low and days on market are actually decreasing. Average days on market hit 32 during January with the market shift and has been declining to a relatively low 17 days for SoCal.
What does this mean for sellers? Prices dipped during the market shift but we are seeing a healthy market for sellers. Properties are selling relatively quickly with several offers if they are priced correctly.
What does this mean for buyers? If you are thinking about buying, I would buy now. The interest rate is bad, but there is limited buyer competition in the market. What do you think will happen when rates start dropping?
When rates drop considerably, I think the market could take off again. Most sellers will still hold onto their 2-4% interest rate mortgages which will keep inventory low, but affordability will improve and more buyers will enter the market. If you buy now you can refinance once rates drop and buy in a semi-competitive market vs. a more competitive market.
I have been aggressively buying investment properties this year and we are always looking for capital partners to help fund investments.