Newport Beach Turnkey Homes For Sale
Posted by Sam Smith on Monday, June 27th, 2022 at 2:44pm.
The real estate market has taken a shift from the record setting years of high price market sales and various bidding wars amongst buyers to a more natural market where homes are settling on the market for a period of time. The one thing that hasn't changed in the last several years is that home buyers are still looking for homes that need little to no work and properties that have been completely renovated. The term "turnkey" is a real estate phrase that means that property is completely ready to go with no renovations needed in most cases. With the market shifting and the idea of a recession looming buyers in this market do not want to take on a project which could cost them a lot of time are money. If you are a home owner thinking about selling your Newport Beach home then we highly recommend wrapping up all of the small projects around the house as they will greatly improve the odds of selling.
As of June 2022, we are seeing mortgage interest rates in the 6% range with anticipation of even higher rates in the upcoming months. It's important to understand what they means if you are thinking about selling a home in today market. First, the number of buyers in the market who need to get a loan has significantly dropped since the carrying costs have almost doubled since the beginning of this year. This basically leaves only cash buyers in the market which is what we are seeing still making offers on homes. Those cash buyers are starting to waiver too since there have been various news reports of a hard landing for a recession in the next couple of years so a handful of those cash buyers are waiting to see what happens before making a move. The thought is that real estate prices will go down next year and they can make a smart and cheaper investment on a home if they wait.
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