This past two weeks has brought about a significant change in the real estate market in Sylmar and the San Fernando Valley, as well as other parts of the United States. When the Federal Reserve lowered the benchmark federal fund rate to Zero percent to .25% on December 16, mortgage interest rates also began to fall. This week we in the real estate industry are seeing 30-year-fixed rate mortgages in the 4-1/2% range.
We now have:
– Lowest fixed interest rates in recent history (4-1/2%)
– Low prices of homes (most Sylmar homes are selling in the $250,000-$350,000 range)
– Lots of homes to choose from (approximately 5,500 in the Valley)
If you have the desire to buy a home in Sylmar, this is what you should have:
– Pre-approval letter from your bank stating what it will lend you to buy a house
– Down payment of at least 3% up to 20%
– Good credit score (above 700 preferred)
The stars are aligning for buyers of Sylmar real estate. Now truly is a fabulous time to buy, and if you need help finding your dream home, please give me a call: 818-970-1286. Things change quickly; don’t miss the boat!
Note: Information subject to change. Check back frequently for updates.