What does the interest rate adjustment mean for Lamorinda home buyers and sellers?
December 17, 2015
After much speculation throughout all of 2015, the Federal Reserve finally made a modest adjustment of 0.25% to its benchmark interest rate. In my world, as a seasoned Realtor, those following real estate want to know what this means and how they should react.
In Lamorinda (Lafayette, Moraga, and Orinda), we still have a severe shortage of inventory. Most home buyers are exhausted, typically in price points under $1.5 million, as they find themselves in multiple offer scenarios each and every time they fall in love with a house. Unfortunately, I believe this will continue in the near future as they work quickly to secure a home and lock-in these incredible interest rates for the next 30 years.
If you are a seller, considering a move up or down, I absolutely recommend you get ahead of your competition and list your house now while buyers are motivated and good homes are scarce.
It’s a perfect storm to achieve high sales prices with one caveat… home buyers are savvy in this market and they expect a home that has been well maintained. If you have maintenance issues, I can’t stress enough the importance of presenting a home clear of defects to this pool of buyers. And, don’t forget, you too will most-likely be a buyer so condition and these historical interest rates will matter to you too!
We’ve had another record-breaking year, representing approximately 50% buyers and 50% sellers, with over $170 million dollars in sales! We look forward to assisting you in 2016 and are preparing now for a busy start to the year.
If you are thinking of making a change in 2016, please contact us immediately. I can be reached directly at 925-339-1918 or Dana@DanaGreenTeam.com.
In the meantime, I am grateful to live and work in this community I adore. Happy Holidays!