Good Morning ,
Just reaching out….we haven’t spoken in a bit and hope all is well with you and yours. As we all know, rates have moved up, but the purchase volume appears to be holding across all price points in our Southern California. With that said, if a property was priced unrealistically based upon comparables, condition of the property etc, the price will have to probably be reduced before it sells. Regarding refinances, even though the rates have definitely moved up, they are still very appealing and can make economic sense based on projected holding period for the property, cash out for remodeling instead of using liquidity, and so many other life events that may need cash infusion. An important overview is that real estate has many of the attributes of institutional savings. There is increasing “talk” about a stronger economy with inflationary pressure, which in most cases extrapolates to hedging one’s finances by buying hard assets such as real estate and investment properties, obviously no one knows… stay tuned.
Wishing you and yours Happy Holidays and a wonderful 2017 full of joy and happiness.
Gloria & Curtis