Summer is almost here and there is a lot of activity in the real estate market at the moment.

With signs of a national housing marketing turn around lead by areas such as Malibu and other parts of California as well as a surge of mortgage applications things are looking on the up! In fact, in areas like California it is expected that there may be a shortage of inventory in the very near future triggering some price rises!

After all home prices are at their most affordable for decades, consumers are benefiting from the lowest mortgage rates in nearly half a century (with fixed rates in the four percent range!) and there is a great selection of homes available!

In fact, for mortgage applications the increase is welcome news – applications for purchases of resale and new homes were up eight percent for those using conventional loans, and a remarkable 17 percent gain in applications to buy houses using low-downpayment FHA mortgages.

Americans are also feeling more optimistic about the economy with a new poll showing that consumer confidence was up. This also is translated in buyer affordability with 55 million American households being able to afford the median house price – up 45% in the last 24 months.

This is very encouraging news. It is a sign for those who are renting that the time to buy really is now and that they may be left behind if they do not act fast. With 30 year fixed rates so low owning a home is now in many cases cheaper than renting. Combined of course with the $8,000 tax credit for first time home buyers and purchasing a property now is a very attractive option indeed!

Watch this space for more on this as it develops! – Subscribe to our blog using our RSS feed. (Click here!)

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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