Woodland Hills Ca.– The Federal Reserve this week took swift and decisive action to send a clear message to the stock market while also giving a gift to Home Buyers because it slashed interest rates by 75 basis points from 4.25% to 3.5%. This is the biggest cut in over 24 years and should help our Woodland Hills Ca market along with the Los Angeles mortgage industry.
It’s a Great time to buy Real Estate in Woodland Hills
The good news is that the market reacted positively to this news. So for all those Woodland Hills home buyers trying to decide if now is a good time to buy, I would say, “YES” since we have low rates and there are still a large number of motivated sellers which makes it a great time to get of the fence and lock in. a great interest rate.
Today, we had a home buyer close on their loan and get into their new house and they were able to buy this home because of the down-payment assistance and the seller paid closing costs.
Our Woodland Hills home buyer actually ended up with a 30 year home loan with a 5.75% fixed interest rate; sellers are willing to pay buyers closing costs as an incentive to the buyer to purchase the home.
It’s the result of having dedicated agent like me negotiating for the home buyer and also the fact that there are sellers who want to get out from under the monthly cost of ownership.
In this particular case the home seller had completely remodeled this house and did not make money on this home and after putting in hundreds of hours of work he realized he had actually spent more money on repairs and renovation than he netted at the close of escrow.
I really felt for him, we’ve known other home sellers in the same situation and it’s a bummer however, it was an incredible gift and fresh start for the family who bought his home.
So if you’d like to learn and thinking about buying a home and want more info about getting pre-qualified for mortgages and Home Loans – call us or email us and we can recommend proven local Lenders.
