t was great to hear from you who have been thinking about buying a home. We love the stories, the humanity that binds us all, in discovering the “why” of things. As we started last week with the question, “Why am I buying a home in the first place?” The second question is equally as important in determining if purchasing a home NOW will be a good fiscal decision, for a large financial investment.
Where are home values headed?
According to the latest Home Price Index, home values are projected to increase by 5.3% over the next 12 months. What does that mean to you? Simply put, if you are planning on buying a home that costs $250,000 today, that same home will cost you an additional $13,250 if you wait till next year. Your down payment will need to be higher as well to account for the higher home price.
As you consider the question, let's take a look at what's happening in our the Porter Ranch real estate market this week.
13 homes came to market, ranging in price from $249,950 -$1,325,000; in size from 915sf - 4583sf; and dating from 1959-2005.
No ONE Realtor has a crystal ball, however, we do have data, of past trends, and of what the natural cycle for real estate is in our local area, as well as nationally. Each week, we send you the data on the week’s listings, so that you can track week-by-week.
We do have access to the larger picture, and would be happy to share that with you. Simply reply to this email and ask us what you’d really like to know. It helps if we know when you’re considering buying the home, as based on historical evidence, we can predict the best time of year to buy.
Want to hear directly from my clients, the Esmails, about how I've helped navigate the often uncertain real estate vagaries of the San Fernando Valley? It's been 9 months, 3 escrows, and FINALLY, they're in their new home! Click here to watch the video