Many first-time buyers stepped back from looking for a home due to stiff competition from other buyers with more cash on hand. It was nearly impossible to get an offer accepted if you were using a down-payment assistance program or a loan with a low down payment. Those buyers may soon have a much better shot. While some pockets still have a lot of residual heat, the broader housing market is showing signs of cooling. For the last couple of months, the average amount sellers got compared to their asking prices has dropped in Los Angeles, San Bernardino, and Orange counties. We’re noticing that our buyers are facing less competition, and our sellers are receiving fewer offers. This makes it more likely that a first-time buyer can get an offer accepted because they might be a seller’s best option for getting a good price.
Do you know someone who has been waiting for the craziness to settle down before buying a home? This could be an opportune time for them. We’d be honored to help them understand what’s possible and help them get organized to succeed.
