Is Your Riverside/Moreno Valley Home Worth More Than You Think?

Steven Amaya Real Estate Group Podcast

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The most common question we get is, "How is the market looking?" The Moreno Valley market is always on the move, so the answer to that question changes frequently. Today, I'll share the latest numbers so you have an idea of what conditions might be like in your neighborhood.

Right now, we're in a bit of a seller's market. Because inventory is so low, we're seeing a lot of overbids and homes are selling in only 35-40 days. Additionally, we're getting record-breaking sales prices in many of the neighborhoods we list in.

As of now, there are 358 single-family homes available in Moreno Valley, which is pretty low. Inventory is even lower than it was last year at this time. If you're looking to sell, now is a great time to find a buyer and potentially sell for top dollar.

If you're on the buying side of the market, you're not completely out of luck. Interest rates are still at an all-time low, so buying a home is still incredibly affordable if you make the right moves. If you wait for mortgage rates to increase, you could cost yourself a whole lot of money. For instance, if you have a $370,000 mortgage payment with a 3% interest rate, your monthly payment would only be $1,542. If you wait for rates to increase only 1%, your payment jumps to $1,746 a month, which comes out to nearly $2,500 more per year! Now is the time to take advantage of fantastically low rates before they rise next year.

If you have questions about local market conditions, or if you need real estate assistance of any kind, please don't hesitate to reach out to us. Who you work with matters when buying or selling real estate, and we would love to do everything in our power to help you achieve your goals.