What is the first step to buying a house in California?
The first step to buying a house in California is getting preapproved for a mortgage. This crucial step involves a lender conducting a preliminary review of your finances to determine the amount they are likely to loan you. By getting pre-approved, you demonstrate your readiness to purchase a home and embark on an exciting journey towards homeownership.
What is a sellers market?
In the world of real estate, a sellers’ market emerges when the number of homebuyers surpasses the number of sellers. This advantageous situation empowers sellers to dictate prices and terms, often resulting in swift sales at prices higher than the listing price.
What is a buyer’s market?
A buyer’s market occurs when there is an excess of homes available for sale, surpassing the demand from potential buyers. This surplus of housing empowers buyers as they have more flexibility and negotiation power when interacting with sellers. In other words, buyers hold the reins and can determine the terms they are willing to negotiate with sellers.
What is a stratified market?
A stratified market occurs when supply and demand dynamics vary by price point, all within the same area, usually a city. Let’s take an example: the housing market. Home sales for properties priced above $1.5M may be booming, creating a seller’s market. On the other hand, homes under $750k may be moving slower, making it a buyer’s market. This unique situation arises occasionally in West Coast cities, where international investors seek to invest their money in the United States by purchasing high-end real estate. In the midst of all this, the sales activity in mid-priced homes could present an entirely different picture.