Now Is Best time in Ten Years, To Buy Malibu Real Estate!

by ritasimpson on July 17, 2012

in Buying My Home

Buyers are confident  and Malibu Real Estate has been moving at a 34% faster rate. With Interest rates are near all-time lows, home prices are starting to creep up. We have seen an average 10% increase in our median in the last six months and  a 148% increase in our sales volume. If you ever had designs on buying property in Malibu, this might be the best time in the past 10 year!

In most places in the country, home prices are still declining. It has only been recently that the market picked up and it’s too soon to know if this will result in a sustainable increase in prices. Job growth in some areas combined with low inventory of good homes for sale has resulted in multiple offers with buyers bidding the price up sometimes hundreds of thousands of dollars over the asking price. In other high-demand, low-inventory areas such as Malibu, buyers may find themselves in a bidding war. This doesn’t necessarily mean that the price will be bid up significantly over the asking price. This will vary from one listing to the next depending on property location, condition, and price.

HOUSE HUNTING TIP: Whether you’re anticipating competition or not, you should be preapproved for the mortgage you’ll need to complete the purchase before you write an offer. In competition, this will make a big difference, particularly if everyone else who is offering is preapproved. It also lets you know what you can afford. And, it puts you in a good bargaining position with the seller.

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Post by Rita Simpson

Rita has written 468 articles.

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