01/07/2023
Option 1.
It really depends. For all the buyers im talking too, im encouraging them to focus on the payment. There is no doubt that the market has changed and with interest rates where they are today, its more expensive than before but what im seeing with my clients that are really shopping is they are getting deals. sellers are covering things like closing costs or rate buy downs and nobody was getting that 6 months ago.
Option 2.
You know, One of the biggest fears that people have right now is that we have another 2008 coming. But the biggest difference between today and back than is inventory. In 2008, we had more than 5 million homes for sale when the market crashed. There was more houses than people that needed them. Todav we got less than a million and a ton of people that want them. Its about supply and demand and we really can't have crash when there aren't enough homes for sale.
Option 3.
You know, when im talking to buyers, i really want them to understand that the payment comes down to 2 things. Price and interest. And even with prices coming down,
the interest rate plays such a big role, that your payment is still going up. Do you have 10 minutes to hop on a zoom call so I can show you a mortgage calculator and compare the prices of the houses going down against the interest rate going up?
Option 4.
You know it really depends. When im talking to my sellers, im doing my best to make sure they understand that we arent where we were 6 months ago but we are also far from what the market looked like when it crashed in 2008. Houses are still selling but instead of in a week, here in LA county we are averaging about 3 weeks. Thats a big difference than the craziness the news is reporting.
