Buyer and Seller Perks in the Sherman Oaks Housing Market – Currently, the real estate market is booming, and there are some great opportunities for both buyers and sellers in today’s current real estate market. There are great advantages to purchasing a first home, moving to a larger one, or even selling a home in order to downsize.

Here are the top two perks for buyers and sellers in Sherman Oaks’ Spring 2021 Real Estate Market

Buyers’ Biggest Perk is Very Low Mortgage Rates

Today’s biggest advantage to purchasing a home in Sherman Oaks is that mortgage rates are still very low. The 30-year conventional fixed mortgage rate just increased to a little over 3%, but this is still much lower than interest rates prior to the historic lows of 2020.

Low mortgage rates are a huge advantage to home buyers as they help to make owning homes that have increased in value much more attainable and affordable than owning a home that would cost less just a few years ago. In addition to affording a home more easily, CoreLogic reports that homeownership is helping homeowners to score significant gains in their net worth.

Low rates are a huge advantage to buyers right now, but rates are expected to increase as the year progresses. If you are wondering if right now is a good time to look for a home, it is.

Sellers’ Biggest Perk is a Low Housing Inventory

Right now there is a very low number of homes for sale as compared to the number of buyers looking for them. This is what is called a seller’s market. Homes are selling at record paces and for more money right now because of the high demand and competition between multiple buyers.

The lack of homes for sale is the biggest challenge that buyers will face in their home purchase. According to data from the National Association of Realtors®, the average home is receiving 4.1 offers and is only up for sale an average of 20 days. These numbers take into account all neighborhoods so many homes are selling more quickly in desirable areas.

Buyers are eager to purchase and be able to benefit from the historic low-interest rates, with the low inventory of homes they often enter into bidding wars in hopes to be able to purchase. This is one of the largest factors keeping home prices strong and giving sellers more leverage in negotiations.

This is a very good time to sell a home especially if you live in a highly desirable neighborhood.

Whether you are hoping to buy or sell a home in Sherman Oaks right now there are some very good reasons to do so. For more information on homes in Sherman Oaks or Woodland Hills please contact me at any time.