Demand for homes is down in most of Southern California. There are more new listings than pending sales. Prices continue to rise. Interest rates are hovering around 4%.
So where are the buyers?
Would be first time buyers continue to rent even with rents rising. Many are spending half their monthly wages to rent when they might spend less to buy.
Many move up buyers are making offers on new homes. With a plethora of new home offerings in Orange and Riverside counties we are wowed by the fresh appeal new homes offer. Builders are promoting heavily and they are growing market share.
Lenders are anxious to help buyers get started. Armed with pre approval, buyers can submit offers that sellers will take seriously.
Many of us hope that buyers don't wait too long. Once prices and interest rates climb too high many could be buyers will miss their chance to own.
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