New Year Opportunities for Buyers and Sellers in Los Angeles
While the housing market has been somewhat altered due to the pandemic, it certainly has not been stopped. You may be wondering if you should follow through with selling or buying a home as we enter the new year, but Pacific Playa Realty has the real estate education to answer that.
There are many opportunities for buying and selling homes in Los Angeles right now, especially for buyers, as mortgage rates are fairly low, and several sellers are adding bonuses like upgraded appliances. Sellers are not without their advantages either, as many of them have reduced competition.Â
Let the real estate agent Los Angeles relies on outline these opportunities for you.Â
The Best New Year Opportunities for Buyers and Sellers in LA
The following benefits are the top reasons to consider buying or selling a home in Los Angeles as of January 2021, and Pacific Playa Realty would be glad to consult with you if you have any further questions or concerns after reading.
#1: Mortgage Rates Are Incredibly Low
Although the interest rate of federal funds is not directly tied to the interest rate of mortgages, they are connected. The Federal Reserve cut their target interest rate twice last year, so it is now the lowest it has been since the Great Recession. Mortgage rates quickly dropped, as well.Â
Due to these incredibly low rates, there are a few benefits you can take advantage of right now:
- The average rate on a thirty year mortgage has fallen to about three point four percent
- Even with a mortgage decrease of one percent, you can save thousands upon thousands of dollars over the course of paying off your loan when you buy or refinance
- Your monthly payment will be lower, leaving you with more funds to save or invest elsewhere
Basically, you can save a significant amount of money over the next few decades if you buy a home in LA soon.
#2: Special Deals Are Helping Buyers
Several sellers are offering special deals to entice buyers, but these deals are actually quite helpful, and they are making a big difference for many buyers. As with the lower mortgage rates, a little can go a long way in the real estate industry.Â
These sorts of deals have been helpful for potential home buyers in Los Angeles:
- Waived closing costs
- Discounts in price
- Upgrades for appliances
- More mortgage decreases
The superb real estate education of our agents can help you find a deal that works for you.
#3: Sellers Are Facing Less Competition
Since many people are hesitant to sell at the moment, sellers are dealing with fewer competitors. Any sellers that already had a large pool of interested buyers may want to go ahead with the sale, as less competition gives you a bit more leverage.Â
Also, your property will get more exposure, especially since most buyers are having to look at homes online. Keep in mind that you need buyers to get the best impression of the home that they can from virtual images or video.Â
Pacific Playa Realty is the real estate agent Los Angeles depends on, and we would be happy to help you in your buying or selling endeavors.
