A Letter From Our Lender
The loaded question I've been asked for 20 years in the business, "what's the condition of the market?" There are a lot of moving parts and several facets that ultimately make up the nuts and bolts of the real estate market. In the interest of keeping things simple, for sellers, there are rising property values and growing demand that entice and motivate many to list their properties for sale. For buyers, there are property values and interest rates, both of which affect a buyer’s buying power.
Within the last 8-9 months, we’ve seen interest rates steadily go up, while also witnessing a continued buying frenzy, with many properties being scooped up with multiple offers, and many buyers continuing to struggle to get a piece of the L.A Real Estate Market. What does this mean? Rising values and rising interest rates affect what a buyer can afford. It means the buying power of potential buyers has adjusted. Someone who qualified a year ago for an $800k house with a 20% down payment will see an increase in payment of roughly $300+ per month. This increase can mean the difference of qualifying for a loan or not and can affect a buyer’s price point from a year ago to a buyer’s current price point.
In a market where the supply hasn’t been able to keep up with the demand, values have sky rocketed, neighborhoods have been re-invented, and buyers need to be more prepared than ever. It’s critical for buyers to understand their financing power and have their financing ready in order to remain competitive in this evolving market.
For More information please call Andy Christenot.
CA-DBO283390 | Movement Mortgage, LLC supports Equal Housing Opportunity. NMLS ID# 39179(www.nmlsconsumeraccess.org) | 877-314-1499. Movement Mortgage, LLC is licensed by “CA Department of BusinessOversight under the California Residential Mortgage Lending Act” # 4131054. Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. “Movement Mortgage” is a registered trademark of the Movement Mortgage, LLC, a Delaware limited liability company. 8024 Calvin Hall Rd, Indian Land, SC 29707.