Home Sellers Should Be Particularly Excited
There’s been a big buzz in real estate this week, maybe you’ve heard it from friends, family, or another real estate professional. But I’m going to give you a fresh take on it that you haven’t heard anywhere else!
Earlier this week, a brand-new state funded loan program became available to first-time home buyers. Coined the CA Dream For All Loan, its an innovative loan that allows buyers to purchase a home with no money down, no mortgage insurance, and no monthly payment associated with the portion of the loan from California. Our team has become well-versed with the program and are certified to offer it to our first-time home buyer clients. But you know you should really be most excited about this new loan? Home Sellers!!
There’s no doubt this program will be a game changer for more Californians to purchase a home. That’s a great thing given how expensive it is to buy a home here, and we are honored to help as many clients as we can to qualify for it! But, the program only has funding for approximately 3,000 buyers, and forecasts show the program being depleted in a few short months. This will create a frenzy for homes below the median price, which in California currently stands at $615,000. This is already an extremely competitive segment of the market as there aren’t enough homes for sale to match buyer demand. This Dream for All program will further exaggerate this imbalance, which means there is a tremendous opportunity for folks who have been thinking about selling a home, particularly one typical of a first time home buyer purchase.
If you’ve been thinking about moving up, moving out of state, or selling a rental property, this Spring real estate season could be a golden opportunity for you. Think about this, for someone moving up, you get to sell your smaller home in an incredibly competitive market, and buy a larger home that is surely struggling to sell more than its lower priced counterparts. Or someone moving out of the market altogether, this may be a perfect time to cash out before future economic uncertainties soften our real estate market.
Whether you are a buyer looking to qualify for the Dream For All program or a seller looking to cash in on this incoming wave of demand, my team and I are able to help you. Watch my separate video detailing the Dream For All Loan program, & please reach out to me to see how I can help you find your buying or selling opportunities in this spring season market.