If you’re looking to buy a home in California, it’s more important than ever to work with a mortgage broker who can secure you a great California home mortgage. These professionals have the experience and expertise to help you navigate the white-hot housing market in the Golden State. They can help you find the best mortgage rates and loan products for your needs, and they can also help you avoid any potential pitfalls. In this article, we’ll take a look at how a mortgage broker can help you keep your cool in the California housing market.
But first, a few things to help you understand what’s going on in California right now:
The State of the Market
Right now, the California housing market is on fire, and it’s a seller’s market. Experts are attributing the post-pandemic rebound to a number of factors, including low mortgage rates, job recoveries, and the law of supply and demand. With more buyers than there are homes available for sale, prices are rising and houses are selling fast.
- Prices are high. Statewide median home prices jumped to a new high along with the increase in higher-priced home sales. California’s median home price reached $849,080 in March, exceeding the previous record of $827,940 set in August 2021.
- Inventory is low. There are more buyers than homes in the market, which drives up prices.
- The supply-demand imbalance keeps buyers bidding far above asking. Nearly 71.2 percent of homes sold above the asking price in March, and they are selling quickly: The median number of days it took to sell a single-family home in March was 8 days in 2022.
- The average home sold today receives 4.8 offers and sells in just 17 days.
The Impact of the Market on Buyers
With prices rising and homes selling so quickly, it can be difficult for buyers to keep up with the market. This is especially true for first-time homebuyers, who may not have the same level of experience or knowledge about the market. A mortgage broker can help you navigate the market and find a home that meets your needs and budget.
How a Mortgage Broker Can Help You Keep Your Cool in a Hot Market
To understand how a mortgage broker can help you keep your cool in the California housing market, it’s first important to understand what a mortgage broker is and what they do. A mortgage broker is a professional who helps borrowers find the best mortgage products and rates for their needs. Mortgage brokers are experts in the industry, and they have access to a wide range of lenders and products. This allows them to find the best deal for their clients.
A mortgage broker can help you keep your cool in the California housing market by doing a few things:
They Are a Wealth of Information
First and foremost, a mortgage broker can help you understand the current market conditions. They can provide you with data on average home prices, days on market, and other key indicators. This information can be invaluable as you try to make an informed decision about whether or not to buy a home in California right now.
They Can Help You Get Pre-Approved
Another way a mortgage broker can help you keep your cool in a hot market is by helping you get pre-approved for a loan. This is an important step in the home-buying process, and it can give you a major advantage over other buyers who are not pre-approved.
They Can Find You the Best Mortgage Rates
A mortgage broker will shop around for the best mortgage rates on your behalf. They have access to a wide range of lenders and products, which means they can find the best deal for your needs.
They Can Help You Avoid Potential Pitfalls
A mortgage broker can also help you avoid potential pitfalls in the California housing market. They will have up-to-date knowledge of the market and can advise you on when to buy or sell. They can also help you negotiate the best price for your home.
They Can Move You to a New Lender Without Missing a Beat
If you’re not happy with your current lender, a mortgage broker can help you move to a new lender without missing a beat. They will handle all of the paperwork and make sure that you’re getting the best deal possible.
Bottom Line
Understanding how to approach the asking price of a home and what’s happening in today’s real estate market are critical for buyers. Partner with a mortgage broker to create a winning plan for you.
Looking to purchase a home in the white-hot California housing market? A mortgage broker can help you keep your cool and find the best deal possible.
The Mortgage Genie
Contact a mortgage broker genie today to learn more about how they can help you keep your cool and secure a California home mortgage in this hot housing market.