If you’ve been wanting to get a great deal on a home, when is the best time to jump into the market? According to recent history, there have actually been two perfect times to buy property in the Silicon Valley area.
One took place in December 2012, when the market had hit a low point. The other is taking place right now. Here are three reasons why now is the perfect time to buy:
1. Where we are in our market cycle: Like clockwork, our market has corrected itself consistently over the last 30 years. The corrections occur after about five to seven years, and prices dip by about 10%. We’re in the seventh year of increasing prices, but now the prices have begun to sink. Right now, they’re already down by around 8%.
2. Interest rates are near all-time lows: Your interest rate has a huge impact on your monthly mortgage payment. Looking at the graph at 1:51 in the video, you can see that our interest rates are currently very low.
3. Selection is the best it’s been in three years: There are 40% more homes than there were last year. This means you have many more options to choose from as a buyer.
If you’ve been thinking about buying your first home or moving up into a bigger one, feel free to reach out to us. We’d be happy to help you with your real estate needs, and we look forward to hearing from you soon.