Thursday, March 13, 2025 / by Vic Markarian
For years, sellers have had the upper hand in the housing market. With so few homes for sale and so many people who wanted to purchase them, buyers faced tough competition just to get an offer accepted. But now, inventory is rising, and things are starting to shift in many areas.
So, is the market finally balancing out? And does that mean buyers will have it a bit easier now? Here’s what you need to know.
What Makes It a Buyer’s Market or a Seller’s Market?
It all comes down to how many homes are for sale in an area compared to how many buyers want to buy there. That’s what ultimately determines who has the most leverage.
A Seller’s Market is when there are more buyers than homes available, so sellers hold the power. This leads to rising prices, multiple offers, and homes selling quickly – often above the asking price – because there isn’t enough to go around.
A Buyer’s Market is when there are more homes k ...
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Sunday, March 2, 2025 / by Vic Markarian
Recent natural disasters have left many homeowners in Granada Hills, CA, and surrounding areas facing financial uncertainty. For those struggling to keep up with mortgage payments, Vic Markarian, a top local real estate expert, is encouraging homeowners to explore mortgage forbearance as a valuable relief option.
What is Mortgage Forbearance?
Mortgage forbearance allows homeowners to temporarily reduce or pause their mortgage payments during financial hardship. This option can be crucial for those affected by recent disasters, providing much-needed relief while they recover.
How Homeowners Can Benefit from Forbearance
According to Vic Markarian, a trusted real estate professional with over 30 years of experience, homeowners should immediately contact their mortgage lenders to discuss available forbearance programs. Lenders often provide temporary payment relief, ensuring homeowners don’t fall into foreclosure while recovering from unexpected challenges.
"Many homeowners k ...
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Thursday, August 15, 2024 / by Vic Markarian
When you're thinking about buying a home, your credit score is one of the biggest pieces of the puzzle. Think of it like your financial report card that lenders look at when trying to figure out if you qualify, and which home loan will work best for you. As the Mortgage Report says:
"Good credit scores communicate to lenders that you have a track record for properly managing your debts. For this reason, the higher your score, the better your chances of qualifying for a mortgage."
The trouble is most buyers overestimate the minimum credit score they need to buy a home. According to a report from Fannie Mae, only 32% of consumers have a good idea of what lenders require. That means nearly 2 out of every 3 people don’t.
So, here’s a general ballpark to give you a rough idea. Experian says:
“The minimum credit score needed to buy a house can range from 500 to 700, but will ultimately depend on the type of mortgak ...
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Thursday, July 25, 2024 / by Vic Markarian
If you’re in the market to buy a home, there’s some exciting news for you. Many people assume that newly built homes are more expensive than existing ones (houses that have already been lived in), but that’s not always the case. In fact, exploring newly built homes can sometimes lead to more cost-effective options, especially today. Hard to believe, right? But the data doesn’t lie.
Here are two key reasons working with your agent to look into new home construction could help you find a more budget-friendly option.
Reason 1: Lower Median Prices for Newly Built Homes
The median sales price for newly built homes is lower than the median sales price for existing homes today. This might seem surprising, but it’s true according to the latest data from the Census and the National Association of Realtors (NAR):
Why is that? Builders are focused on building what they can sell. And right now, there’s a very real need for smak ...
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Wednesday, July 17, 2024 / by Vic Markarian
If you’re thinking about selling your house, you should know there are buyers who are ready and able to pay today’s high prices. But they want a home that’s move-in ready. A recent press release from Redfin explains:
“Buyers are still out there and they’re willing to pay today’s high prices, but only if the house is in really good shape. They don’t want to spend extra money on paint or new appliances.”
It makes sense when you think about it. They’re having to pay a lot of money for a house in today’s market. That means they may not be able to easily afford upgrades after they move in. So, if your home is outdated or needs some work, buyers might pass it by or offer a lower price than you were hoping for.
And there are a lot of homes that need upgrades right now. Millions are entering their prime remodel years, meaning they’re between 20 and 39 years old. Maybe yours is one of themk ...
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