The latest news on interest rates is still well under 5% - ranging in the 4.5% - 4.75% range. There are many good deals on properties to be had locally and further afield. I have received several emails from professional investors about available properties in Orlando and Phoenix for low $100K's or less...lots less.
For the first time since I've been in the business - 23 years - it has actually worked to the buyers benefit to WAIT!
I have a 4/2 listing in Blossom Valley on the market for $515K - down about $150K from 3 years ago. I sold it to my seller 15 years ago so she is still making money but a lot less than she could have had she sold in 2007.
Last summer I sold a a rental property for my clients, a single family home that they had owned for 20 years, for $525K . They were pleased that the house sold with multiple offers in 3 days and that they got out when they did - since prices aren't going up right now.
As I've said before and I really don't want to be a broken record: homes that are in good neighborhoods, that show well and are aggressively priced are selling quickly.... and sometimes with multiple offers. Even the high end is moving. In 2010 there were 36 homes in Saratoga that closed escrow over $2M.
If interest rates go up as they are expected to do when the Fed stops buying bonds in June, all bets are off. It may be the end of the great ride for the buyer. So take the plunge while the taking is good!
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