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Let the good times roll! Let them roll until every single homebuyer finds the house he/she is looking for. There is no doubt that the interest rates are at a 30-year low. They are under 6%. Even though we are close to the last trimester of the year, we still see there is a huge demand for new homes on the market. Buyers still outnumber sellers. Some industry insiders are saying that there is a huge fever which continues to push up prices from San Francisco, Santa Barbara, San Diego, Inland County, Bel-Air, San Fernando, Orange County to Venice Beach, Santa Maria, Santa Monica and National City. Imagine, for an instant, that the same buying frenzy is going all over the United States, from Florida to Massachussets, Georgia, Atlanta to Washington, D.C. New homes can not quickly enough on the market. This scarcity in the supply and demand causes buyers to participate in multiple offers on every property that becomes available. In some regions of California, developers and home buyers even have to resort to a lottery tactic. After receiving the buyer's downpayment, they can also afford to take as long as they want before having the drawing which is often attended by well-heeled equity refugees from San Francisco, San Jose, Palo Alto, Fremont, Vallejo, Orange county and outside the state of California.
The question that is on the mind of most industry observers and insiders is the following: "Will real estate prices continue to generally appreciate? No one knows. Aren't there forces that could push up interest rates and dampen home values? Absolutely -- look at the federal deficit and the long-term impact of our trade imbalance as two examples. Isn't there a downside to leverage? You bet. The same leverage which is so valuable when prices rise is equally powerful if prices fall."
More and more buyers are looking for safety, good location with great schools for their children, a fair price, affordability and cost-effectiveness, and high resale potential are the five primary areas of buyer concern. Shopnowshop Real Estate Info helps buyers and sellers reach their dreams in many ways. One way is that we do this is to create an information service that brings the top real estate companies, mortgage agencies under one umbrella. Shopnowshop Real Estate Info helps you research buying activity and comparable values of recently sold homes. It is not surprising that in some areas buyers have to make a much larger offer than the asking price just to have a chance at being in the drawing. When parents start camping all night long in front of a new Kindergarten school to make sure their kids get enrolled, you know what type of location you have for real estate. That's what has been happing in many market areas of California.
This is truly a seller's market. As a buyer in this sellers' market, you really need info from an unbiased source you can trust to be on your side. Shopnowshop Real Estate Info expects this sellers' market to continue until interest rates are considerabley higher, or until prices reach a level that forces enough buyers out of the market to eliminate them competing against each other.