The seller’s market continues in real estate | Finance


Summer is traditionally a good time to list a home for sale, but this summer the real estate market is on fire.

To help our readers better understand the market right now, The Press spoke with executives from Loan deposit to discuss loans, interest rates, and strategies for closing a deal in a seller’s market.

Loan deposit offers customizable mortgages for a variety of needs and circumstances. They are currently looking for space in Brentwood to open a new office.

“We’re looking for a location in Brentwood because we’re growing so quickly and we’re very focused on new builders and that’s where a lot of the building takes place,” said branch manager Darrin Matthews. “There is a lot of growth in East Bay, and we want to be a part of it. “

Matthews spoke of the large number of new builds currently available in East County. He said one of the benefits of buying from a builder is a fixed price.

“This is why we are doing so well and have focused for years on new construction, giving people the ability to go and choose a home without fear of being overbid,” he said.

Getting a higher bid is a real concern for many home buyers right now. With an aggressive market and house prices on the rise, sellers are seeing 15 to 25 bids on a home, offering tens of thousands more. To make himself more attractive, sales manager Jaime Joyner suggested that buyers make an offer with their loan taken out.

“Our office is very committed to getting a loan taken out with no property attached to it,” Joyner said. “It allows us to close the property much faster and assures the seller that they are selling the house to a borrower where they don’t have to wait another 21 days to find out if they qualify. These loans are given priority.

Many people are looking to buy a new home because of the historically low interest rates available this year. Joyner noted that low rates are great, but they’re not the only thing to consider when getting a loan.

“I would say don’t wait, but do your budget first,” she said. “People are so motivated by interest rates that they wait and play the market, but find out what your budget is first. Know what you’re willing to pay, what you can afford while living a comfortable lifestyle, and get a mortgage that will meet your needs. Lenders can customize your mortgage plans now, so it’s really important not to focus too much on the rate. Focus on your payment.

Matthews speculated that one of the reasons for the market boom is the number of people who have changed the way they work during the COVID-19 pandemic. As offices across the country were closed, many people were able to successfully continue working from home, eliminating the need to live close to the office.

“We had a huge influx of people who realized they didn’t have to go to an office every day,” Matthews said. “They realized they didn’t have to spend $ 5,000 a month on a studio in San Francisco and were moving out of town to move to the suburbs and work from home.”

Joyner agreed, adding that if you can’t find the perfect home, Loan Depot offers renovation finance loans to make your home perfect.

“The resale industry is so tough right now,” Joyner said. “Loan Depot can help you make your home perfect. If you can’t find the perfect home, we can help fund the renovation costs to help make your home perfect.

Sales manager Brittnay Sills offered buyers a note of encouragement.

“The market is on fire,” Sills said. “But I would say there is a positive outlook. There are a lot of opportunities for people right now. I would tell people to hang on.

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