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We’ve had a pretty good year so far in 2016, with 11 of the hottest housing markets in the nation here in California despite the fact that we’ve got low inventory. That obviously helps sellers by driving the prices up, but it also makes things a bit harder for buyers.
We’ve had a pretty strong spring, and by all accounts, that’s going to continue into the summer based on the predictions we’re hearing. There are, however, two wildcards that could affect that. One is a potential interest rate increase this June when the Fed meets, and if that happens it could drive mortgage rates up. Those rates are still very low right now.
The second is the election in November. As I mentioned earlier this year, the housing market slows down around election time because people are a little uncertain about who is going to take office and what their policies are going to be. It’s not a political issue, it’s just that people become cautious.
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The housing market slows down around election time.
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Those are the two things that could be wildcards as we head into the fall. If you’re a seller, there’s still time to get your home on the market for the summer and take advantage of the strong activity we’ve had up to this point. We had a really good April and May in most markets in California. For buyers, interest rates are still historically low, and there’s still time to capitalize.
If you’re thinking about buying or selling, please feel free to reach out to me for advice or a valuation. I’d love to work with you in this hot market!
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