Moorpark Housing Market Stabilizing? Moorpark Realtors Weigh In.
Housing Market Stabilizing? Moorpark Realtors weigh in on this topic and how it affects our local home buyers.
The housing market across the nation saw a -1% dip for the first time in over a year of tracking new homes listed for sale. However, this dip is likely temporary and most likely due to the recent Memorial Day holiday. As a whole, the housing market appears to be remaining as strong as ever despite the COVID19 pandemic and the implications it brought with it. Inflation has gone up by 5% in recent months but also appears to be temporary.
Mortgage rates have taken a small dip in rates and are likely confirmation that investors feel this high inflation rate is a temporary one. The rates for a 30-year mortgage are currently at 2.96%. The current rate for a 15-year mortgage is 2.23%. The rate for a current 5/1ARM mortgage is 2.55%. This decrease in rates is excellent news for anyone looking to buy in this crazy market as it will increase your buying power and allow you to be as competitive as possible when placing an offer on a home.
Home asking prices increased again this week seeing another double digit percentage increase week after week. From the middle to the end of May home sale prices across the county increased by 13.1%. Home sale prices increased again from the end of May to the beginning of the June by another 13.6% just within the 2 week period. This is astronomical growth that investors are seeing making it a very difficult time to be a buyer. However, there does not appear to be an end in sight. If you are looking to buy or sell a home in our area our skilled team of Moorpark Realtors are happy to help walk you through the process. We know the best ways to help locate off market properties as well as write the most competitive offers to help you stand out in a bidding war.