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Lake Elsinore Real Estate Search

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Lake Elsinore Real Estate

Grunder Drive, Lake Elsinore image
Grunder Drive, Lake Elsinore $14,000,000 ▲

WOW! WOW! WOW! Just under about 37+- PRIME acres!!! Camino Del Norte road extension is done and ready to make it happen. There is now a way to bring in the utilities for ...

  • PW16167681 MLS
  • Active Status
CAMINO DEL NORTE, Lake Elsinore image
CAMINO DEL NORTE, Lake Elsinore $9,500,000 ▲

32 ACRES m/l DESIGNATED COMMERCIAL MIXED USE IN THE LAKE ELSINORE HILLS DISTRICT ON CAMINO DEL NORTE AT THE INTERSTATE 15 AND MAIN STREET OFF RAMP CONSISTING OF 5 PARCELS...

  • SW15131378 MLS
  • Active Status
31760 Casino, Lake Elsinore image
31760 Casino, Lake Elsinore $8,450,000

We are proud to present Lakeview Plaza, a 3-tenant retail/office building located in the City of Lake Elsinore, California. Built in 1990, the property sits on 2.51 acre...

  • CV21022094 MLS
  • Active Status
1 Adelfa Street, Lake Elsinore image
1 Adelfa Street, Lake Elsinore $7,200,000 ▲

A 3 Lot Assemblage located on the west side of the Lake, within the Lakeland Village sphere of influence and sitting at the foothill of Cleveland National Forest in Riv...

  • SW19254390 MLS
  • Active Status
31360 Riverside Dr., Lake Elsinore image
31360 Riverside Dr., Lake Elsinore $3,299,000 ▲

Excellent investment opportunity to build on this prime 18 acres LAKE FRONT land in Lake Elsinore - one of the fastest growing cities in California. Flat grassy land wit...

  • WS17255993 MLS
  • Active Status
Highway 74, Lake Elsinore image
Highway 74, Lake Elsinore $2,400,000

Excellent opportunity as Central Ave/Hwy 74 continues to expand and grow. Two parcels sold together at a signalized corner of Hwy 74 and Riverside Street in Lake Elsinore...

  • SW21041901 MLS
  • Active Status
32986 Blackwell, Lake Elsinore image
32986 Blackwell, Lake Elsinore $2,250,000

We are pleased to exclusively present Grand Blackwell Apartments, a 22-unit, single-story apartment community located in the City of Lake Elsinore, California. Walking di...

  • CV20071584 MLS
  • Active Under Contract Status
Herbert Street, Lake Elsinore image
Herbert Street, Lake Elsinore $2,199,000 ▼

A great investment opportunity for those with vision, 70 acres rectangular shape, New homes development within 6 to 7 miles away (26 New Homes sold so far this year in L...

  • OC19228799 MLS
  • Active Status
32784 Ortega, Lake Elsinore image
32784 Ortega, Lake Elsinore $1,999,999

Breathtaking panoramic 180° views create the magnificent setting for this gated, custom estate situated in the San Juan Capistrano Hills! Nestled near the little Village ...

  • 7 Beds
  • 5 Baths
  • OC21035915 MLS
  • Active Status
28769 Robb Road, Lake Elsinore image
28769 Robb Road, Lake Elsinore $1,999,980 ▼

LOCATION LOCATION LOCATION! This is over 3 acres of prime commercial real estate directly across the street from all the new housing community of Alberhill. This proper...

  • SW18182027 MLS
  • Active Status
17210 Grand Avenue, Lake Elsinore image
17210 Grand Avenue, Lake Elsinore $1,999,900

One of a kind, Mediterranean Villa on the shores of Lake Elsinore, centrally located between LA, Orange County, San Diego and Big Bear Mountain. This estate sits on nearl...

  • SW20070896 MLS
  • Active Status
17210 Grand Avenue, Lake Elsinore image
17210 Grand Avenue, Lake Elsinore $1,999,900

One of a kind, Mediterranean Villa on the shores of Lake Elsinore, centrally located between LA, Orange County, San Diego and Big Bear Mountain. This estate sits on nearl...

  • 9 Beds
  • 9 Baths
  • SW20070876 MLS
  • Active Status
Lakeshore, Lake Elsinore image
Lakeshore, Lake Elsinore $1,900,000

What an amazing opportunity to own nearly 40 Acres of prime contiguous lake frontage land on one of Southern California's largest natural bodies of water! Due to a rich ...

  • SW20064837 MLS
  • Active Status
35150 El Niguel Road, Lake Elsinore image
35150 El Niguel Road, Lake Elsinore $1,825,000 ▼

YOU CAN OWN YOUR OWN GATED CUSTOM FAMILY COMPOUND. CUSTOM SINGLE STORY HOME HAS IT ALL. DOWN TO THE CUSTOM FARM SINK..... NO EXPENSE WAS SPARED IN DESIGN, BUILD & USE OF ...

  • 4 Beds
  • 4 Baths
  • OC20169270 MLS
  • Active Status
28585 State Highway 74, Lake Elsinore image
28585 State Highway 74, Lake Elsinore $1,800,000 ▼

Property is 13.34 acres and zoned for Commercial/Industrial. The property is currently being used for a trucking company. It has enough room for 25-30 trucks & approximat...

  • SW20145643 MLS
  • Active Status
17370 Rodeo Road, Lake Elsinore image
17370 Rodeo Road, Lake Elsinore $1,785,000

This Gorgeous single story ranch home boasts 5, 725 sqft of living space (975 of which is a separate 2 bed guest house) and sits on a 2.3 acre level-lot primed for H/J or...

  • 6 Beds
  • 5 Baths
  • OC21033252 MLS
  • Active Status
16604 Grand Avenue, Lake Elsinore image
16604 Grand Avenue, Lake Elsinore $1,775,000

Lakefront property. Two homes located on a total of 1.61 acres of land. Huge private beach with 120 feet of beach. First home is a 1,200 square foot, 3-bedroom, 2-bath. S...

  • 3 Beds
  • 2 Baths
  • SW21008918 MLS
  • Active Status
17240 Grand Avenue, Lake Elsinore image
17240 Grand Avenue, Lake Elsinore $1,650,000

Amazing beachfront homes with breathtaking Lake, City & Mountain views. This rare beautiful Lakefront property has three residences, each has its own patio, and a beautif...

  • 8 Beds
  • 7 Baths
  • IV20187015 MLS
  • Active Status
28050 Hwy 74, Lake Elsinore image
28050 Hwy 74, Lake Elsinore $1,500,000

Excellent location on Highway 74 which connects Interstate 15 and the Lake Elsinore community with Interstate 215 and the City of Perris to the east. The road is heavily ...

  • OC20253071 MLS
  • Active Status
29400 3rd Street, Lake Elsinore image
29400 3rd Street, Lake Elsinore $1,200,000 ▲

2.5 Acres of Land which has been rezoned to Commercial Mixed Use (CMU) Walmart is currently being built directly across the street from this property. Currently there i...

  • CV20094978 MLS
  • Active Status
29400 3rd Street, Lake Elsinore image
29400 3rd Street, Lake Elsinore $1,200,000 ▲

2.5 Acres of Land which has been rezoned to Commercial Mixed Use (CMU) Walmart is currently being built directly across the street from this property. Currently there i...

  • CV20083068 MLS
  • Active Status
543 Birch Street, Lake Elsinore image
543 Birch Street, Lake Elsinore $1,100,000 ▲

Well located industrial property. Amenities: Showroom, warehouse, kitchen, lobby, offices. Very nice property!

  • IV18174543 MLS
  • Active Status
Riverside Drive, Lake Elsinore image
Riverside Drive, Lake Elsinore $980,300 ▲

Investment opportunity awaits in the heart of Lake Elsinore, one of the fastest growing cities in California. Zoning is Residential Mixed Use. Three contiguous parcels t...

  • SW19210454 MLS
  • Active Status
18975 Palomar Street, Lake Elsinore image
18975 Palomar Street, Lake Elsinore $895,000

Development Opportunity! 12 Lakeview acres on Rome Hill Rd and Palomar St in the Eastlake Specific Plan (“ELSP”) in Planning Area 3 (“PA3”). Currently zoned Medium Densit...

  • SW19282171 MLS
  • Active Status
133 N Main Street, Lake Elsinore image
133 N Main Street, Lake Elsinore $850,000

Retail store located in old town Lake Elsinore, one of the largest natural lakes in the southern California, has a lot of activities, fishing, boating, water motor sports...

  • WS21036534 MLS
  • Active Status
33113 Buena Vista Street, Lake Elsinore image
33113 Buena Vista Street, Lake Elsinore $825,000

4 Individual bungalow units with a fifth unit above the parking area. 2 story contemporary with 4 detached bungalows. Covered parking assigned. Property is on a well wate...

  • SB21016482 MLS
  • Active Under Contract Status
Central Ave,  Highway 74, Lake Elsinore image
Central Ave, Highway 74, Lake Elsinore $790,000 ▲

1.91 acres on busy Highway 74 (Central) in Lake Elsinore. Ideal for fast food, car wash, automotive uses. Heavily traveled Highway 74 with 32,000+- cars per day. Main e...

  • SW20240934 MLS
  • Active Status
Riverside, Lake Elsinore image
Riverside, Lake Elsinore $750,000

Nearly 4 acres of land stretching from the frontage of Riverside drive all the way down to the water! Not only is this property a corner lot but also it is the first maj...

  • SW20064859 MLS
  • Active Status
35426 Calle Grande, Lake Elsinore image
35426 Calle Grande, Lake Elsinore $730,000

This beautiful estate in Rancho Capistrano in a Private Gated Equestrian Community. This house is completely renovated! New kitchen cabinets, counters, appliances, new fl...

  • 4 Beds
  • 4 Baths
  • PW21020182 MLS
  • Active Status
35408 Foxwood Court, Lake Elsinore image
35408 Foxwood Court, Lake Elsinore $711,000

Take a break from the HEAT and enjoy this BEAUTIFUL pool home! Located in the sought after Gated community, Bridgegate of Canyon Hills! This home has beautiful canyon vie...

  • 4 Beds
  • 3 Baths
  • SW21040409 MLS
  • Active Status
El Toro Cutoff Rd. & Hwy74, Lake Elsinore image
El Toro Cutoff Rd. & Hwy74, Lake Elsinore $700,000 ▲

2 Lots sold together. Zoned Manufacturing Service Commercial. The site, which is vacant, is located along the Highway 74 Artery connecting the 15 Freeway to the 215 Freew...

  • IV19117937 MLS
  • Active Status
228 S Spring Street, Lake Elsinore image
228 S Spring Street, Lake Elsinore $675,000 ▼

OPPORTUNITY FOR INVESTMENT IN A RAPIDLY GROWING DOWNTOWN AREA THIS .60 AC/ZONED COMMERICAL MIX USE. THIS HISTORICAL CRAFTMAN 2764 SQ.FT. HOME WITH A SEPARATE STRUCTURE CO...

  • SW20236493 MLS
  • Active Under Contract Status
228 S Spring Street, Lake Elsinore image
228 S Spring Street, Lake Elsinore $675,000 ▼

OPPORTUNITY FOR INVESTMENT IN A RAPIDLY GROWING DOWNTOWN AREA THIS .60 AC/ZONED COMMERICAL MIX USE. THIS HISTORICAL CRAFTMAN 3354 SQ.FT. HOME WITH A SEPARATE STRUCTURE CO...

  • 5 Beds
  • 2 Baths
  • SW20235406 MLS
  • Active Under Contract Status
228 S Spring Street, Lake Elsinore image
228 S Spring Street, Lake Elsinore $675,000 ▼

OPPORTUNITY FOR INVESTMENT IN A RAPIDLY GROWING DOWNTOWN AREA THIS .60 AC/ZONED COMMERICAL MIX USE. THIS HISTORICAL CRAFTMAN 3354 SQ.FT. HOME WITH A SEPARATE STRUCTURE CO...

  • SW20236371 MLS
  • Active Under Contract Status
31866 Willow Wood Court, Lake Elsinore image
31866 Willow Wood Court, Lake Elsinore $675,000

Recent updates include re-staining of cabinets and crown moulding. Fresh paint throughout. Travertine floors have been cleaned and polished. New thatch on palapa patio...

  • 4 Beds
  • 3 Baths
  • 220009486 MLS
  • Active Under Contract Status
17617 Grand Avenue, Lake Elsinore image
17617 Grand Avenue, Lake Elsinore $665,000

Fantastic opportunity to place your business in one unit and lease the other, lease both, OR spread out and occupy all the space. A total of 4 parcels, stretching from Gr...

  • SW20255232 MLS
  • Active Status
29411 Lupine Hills Drive, Lake Elsinore image
29411 Lupine Hills Drive, Lake Elsinore $649,988

Breathtaking lake view from bedrooms windows! With just a short walk to hiking trails, nestled on the hill with breathtaking views of the Lake Elsinore and city lights at...

  • 4 Beds
  • 3 Baths
  • OC20255467 MLS
  • Active Status
16970 Monterey Road, Lake Elsinore image
16970 Monterey Road, Lake Elsinore $649,900

Welcome to your own bit of “Heaven on Earth”. Located in the gated equestrian community of Rancho Capistrano in the Ortega mountains between Lake Elsinore and San Juan Ca...

  • 3 Beds
  • 2 Baths
  • SW21024614 MLS
  • Active Under Contract Status
Union Street, Lake Elsinore image
Union Street, Lake Elsinore $649,000 ▼

4.17 Acres Total of ALL FLAT BUILDABLE/USEABLE LAND. Great for Investor/BUILDER. Near all newer track homes built. Has some sidewalk/curb/gutter there. All electric, se...

  • SW19122726 MLS
  • Active Status
15 Via Del Macci Court, Lake Elsinore image
15 Via Del Macci Court, Lake Elsinore $635,000 ▲

Looking for your new home on a private lot with lake views, then you have come to the right place! This newly painted 5 br, 4 1/2 bath, 3711 sqft home is move-in ready wi...

  • 5 Beds
  • 5 Baths
  • SB20261650 MLS
  • Active Under Contract Status
32800 Ortega, Lake Elsinore image
32800 Ortega, Lake Elsinore $630,999

THIS IS 1.6 ACRES OF MOUNTIAN LIVING CLOSE TO LAKE ELSINORE OR 45 MIN FROM SANTA ANA FREEWAY. THERE IS A CLEAR STREAM RUNNING THROUGH THE PROPERTY WITH 2 BRIDGES. THIS ...

  • 3 Beds
  • 3 Baths
  • SW20241218 MLS
  • Active Status
Carver, Lake Elsinore image
Carver, Lake Elsinore $630,000

Are you dreaming of building your own custom home and equestrian facility? This is the place! Enjoy the serenity this lot has to offer, all while being a short distance ...

  • IV19151295 MLS
  • Active Status
33598 Skylark Drive, Lake Elsinore image
33598 Skylark Drive, Lake Elsinore $619,900

Rare find, 2 manufactured homes on 2.5 acres , Amazing Lake Elsinore -lake views, and city of wildomar views , Mountain views, 2 electric meters, 2 septic systems, 1 wate...

  • 6 Beds
  • 4 Baths
  • SW21030333 MLS
  • Active Status
South El Toro Cutoff Rd, Lake Elsinore image
South El Toro Cutoff Rd, Lake Elsinore $600,000 ▲

County land but in Sphere of influence of City of Lake Elsinore. Needs a lot of grading but zoned for industrial same seller owns 3 acres across El Toro Rd can purchase a...

  • IV20112983 MLS
  • Active Status
29422 Canyon Valley Drive, Lake Elsinore image
29422 Canyon Valley Drive, Lake Elsinore $599,999

Welcome Home! I am a turnkey property and ready to help you make wonderful memories with my large open floor plan! Upon entering, you will walk into a formal living spac...

  • 4 Beds
  • 3 Baths
  • OC21036361 MLS
  • Active Status
119 W Peck Street, Lake Elsinore image
119 W Peck Street, Lake Elsinore $599,900

This commercial property has been used as a thrift store over the last 5 years with a long term tenant in place. Note: Please do not disturb the workers at the property....

  • PW20222815 MLS
  • Active Status
29209 Gateway Drive, Lake Elsinore image
29209 Gateway Drive, Lake Elsinore $587,900

PRIDE OF HOMEOWNERSHIP in this SINGLE OWNER HOME! LOW COST with Paid Off Solar Panels, Low Tax Rate, Drought Tolerant Professional Landscaping, 4 bedrooms, 3 bathrooms, O...

  • 4 Beds
  • 3 Baths
  • IG20240492 MLS
  • Active Under Contract Status
31859 Willow Wood Court, Lake Elsinore image
31859 Willow Wood Court, Lake Elsinore $575,000

Do you love to entertain and spend summers BBQ'ing in the backyard? Check out the view of the hills, situated privately with a spa, fire pit, and built in outdoor kitche...

  • 4 Beds
  • 3 Baths
  • IV21041555 MLS
  • Active Status
35432 Ocotillo Court, Lake Elsinore image
35432 Ocotillo Court, Lake Elsinore $575,000 ▲

Showings begin afternoon 2/25 This Immaculate Completely Remodeled 4 Bedroom and 3 Full Bath home WON'T LAST LONG! Upon Entry you will find Polished Marble Tile Flooring,...

  • 4 Beds
  • 3 Baths
  • SW21018676 MLS
  • Active Under Contract Status
29292 Point Shore Drive, Lake Elsinore image
29292 Point Shore Drive, Lake Elsinore $565,000

Welcome to Shore Pointe! This gorgeous 2-story home features 2,595 sqft living space on an 8,276 sqft lot, 4 bedrooms, 3 full baths. You will love the view from inside an...

  • 4 Beds
  • 3 Baths
  • SW21013696 MLS
  • Active Under Contract Status

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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Why Moving May Be Just the Boost You Need

Why Moving May Be Just the Boost You Need | MyKCM

As we look back over the past year, we’ve certainly lived through one of the most stressful periods in recent history. After spending so much more time at home throughout the health crisis, some are wondering if they should move to improve their mental health and well-being. This is no surprise since the U.S. Census Bureau reported an increase in the percentage of adults with symptoms of anxiety and depression in a recent Household Pulse Survey.

There’s logic behind the idea that making a move could improve someone’s quality of life. When people change their scenery, they often feel happier. Catherine Hartley, an Assistant Professor at New York University’s Department of Psychology and co-author of a study on how new experiences impact happiness, mentioned:

“Our results suggest that people feel happier when they have more variety in their daily routines—when they go to novel places and have a wider array of experiences.”

If you’re looking for a new experience, planning a move into a new home may be something you’ve started to consider more carefully. If so, you’re not alone. The 2020 Annual National Movers Study by United Van Lines shows:

“For customers who cited COVID-19 as an influence on their move in 2020, the top reasons associated with COVID-19 were concerns for personal and family health and wellbeing (60%); desires to be closer to family (59%); 57% moved due to changes in employment status or work arrangement (including the ability to work remotely); and 53% desired a lifestyle change or improvement of quality of life.”

So, if you’re thinking of moving this year to help boost your happiness factor, here are a few questions to ask yourself as you make your decision.

How’s the Weather?

Is the weather something that’s important to you? Does it have a tendency to impact your mood? The World Population Review shares:

“What states have the best weather? When evaluating each state for temperature, rain, and sun, some states stand out. Although climate and weather preferences are personal and subjective, some criteria are considered to make up the best weather, according to Current Results:

  • Comfortable temperatures from 63°F to 86°F for more than half of the year.
  • Dry weather with no more than 60 inches of rain per year.
  • Mostly clear skies with an average of sunshine for at least 60% of the year.”

“Better weather” can mean different things to different people – some prefer the heat, others cooler temperatures, and some want to experience all four seasons. Think about what makes you feel happiest if you’re looking for a new location.

Should I Choose the City, Suburbs, or Country?

With the COVID-19 pandemic, some people are deciding to move to lower-density areas. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), mentions:

“The third quarter Home Building Geography Index (HBGI) reveals that a suburban shift for consumer home buying preferences in the wake of the COVID-19 pandemic is accelerating as telecommuting is providing consumers more flexibility to live further out within large metros or even to relocate to more affordable, smaller metro areas.”

Can you work from home? Are you open to a longer commute in the future? If so, a move to the suburbs or even a quieter rural area may be a win for you. Or, if you’ve always dreamed of life in the city, now may be your chance to move into town.

Bottom Line

As we look beyond the trials of the pandemic, many are hoping for a new beginning, and that may mean moving. Let’s connect today to talk about your new goals and options in today’s market.

Four Expert Views on the 2021 Housing Market

Four Expert Views on the 2021 Housing Market | MyKCM

The housing market was a shining star in 2020, fueling the economic turnaround throughout the country. As we look forward to 2021, can we expect real estate to continue showing such promise? Here’s what four experts have to say about the year ahead.

Lawrence Yun, Chief Economist, National Association of Realtors (NAR)

“In 2021, I think rates will be similar or modestly higher, maybe 3%...So, mortgage rates will continue to be historically favorable.”

Danielle Hale, Chief Economist, realtor.com

“We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels.”

Robert Dietz, Senior Vice President and Chief Economist, National Association of Home Builders (NAHB)

“With home builder confidence near record highs, we expect continued gains for single-family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower-density markets and historically low interest rates.”

Mark Fleming, Chief Economist, First American

“Mortgage rates are expected to remain low for the foreseeable future and millennials will continue forming households, keeping demand robust, even if income growth moderates. Despite the best intentions of home builders to provide more housing supply, the big short in housing supply will continue into 2021 and likely keep house price appreciation flying high.”

Bottom Line

Whether you’re ready to buy or sell a home in 2021, if you’re planning to take advantage of the market this winter, let’s connect to talk about the opportunities available in our local market.

Owning a Home Is Still More Affordable Than Renting One

Owning a Home Is Still More Affordable Than Renting One | MyKCM

If spending more time at home over the past year is making you really think hard about buying a home instead of renting one, you’re not alone. You may be wondering, however, if the dollars and cents add up in your favor as home prices continue to rise. According to the experts, in many cases, it’s still more affordable to buy a home than rent one. Here’s why.

ATTOM Data Solutions recently released the 2021 Rental Affordability Report, which states:

“Owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 572, or 63 percent of the 915 U.S. counties analyzed for the report.

That has happened even though median home prices have increased more than average rents over the past year in 83 percent of those counties and have risen more than wages in almost two-thirds of the nation.”

How is this possible?

The answer: historically low mortgage interest rates. Todd Teta, Chief Product Officer with ATTOM Data Solutions, explains:

“Home-prices are rising faster than rents and wages in a majority of the country. Yet, home ownership is still more affordable, as amazingly low mortgage rates that dropped below 3 percent are helping to keep the cost of rising home prices in check.”

In 2020, mortgage rates reached all-time lows 16 times, and so far, they’re continuing to hover in low territory this year. These low rates are a big factor in driving affordability. Teta also notes:

“It’s startling to see that kind of trend. But it shows how both the cost of renting has been relatively high compared to the cost of ownership and how declining interest rates are having a notable impact on the housing market and home ownership. The coming year is totally uncertain, amid so many questions connected to the Coronavirus pandemic and the broader economy. But right now, owning a home still appears to be a financially-sound choice for those who can afford it.”

Bottom Line

If you’re considering buying a home this year, let’s connect today to discuss the options that match your budget while affordability is in your favor.

Should I Wait for Lower Mortgage Interest Rates?

Should I Wait for Lower Mortgage Interest Rates? | MyKCM

Historically low mortgage rates are a big motivator for homebuyers right now. In 2020 alone, rates hit new record-lows 16 times, and the trend continued into the early part of this year. Many hopeful homebuyers are now wondering if they should put their plans on hold and wait for the lowest rates imaginable. However, the reality is, acting sooner rather than later may be the actual win if you’re ready to buy a home.

According to Greg McBride, Chief Financial Analyst for Bankrate:

“As vaccines become more widely available and a return to normal starts to come into view, we’ll see mortgage rates bounce off the record lows.”

While only a slight increase in mortgage rates is projected for 2021, some experts believe they will start to rise. Over the past week, for example, the average mortgage rate ticked up slightly, reaching 2.79%. This is still incredibly low compared to the trends we’ve seen over time. According to Freddie Mac:

“Borrowers are smart to take advantage of these low rates now and will certainly benefit as a result.”

Here’s why.

As mortgage rates rise, the increase impacts the overall cost of purchasing a home. The higher the rate, the higher your monthly mortgage payment, especially as home prices rise too. Sam Khater, Chief Economist at Freddie Mac, says:

“The forces behind the drop in rates have been shifting over the last few months and rates are poised to rise modestly this year. The combination of rising mortgage rates and increasing home prices will accelerate the decline in affordability and further squeeze potential homebuyers during the spring home sales season.”

What does this mean for buyers?

Right now, the inventory of houses for sale is also at a historic low, making it more challenging than normal to find a home to buy in many areas. As more buyers hit the market in the typically busy spring buying season, it may become even harder to find a home in the coming months. With this in mind, Len Keifer, Deputy Chief Economist for Freddie Mac, recommends taking advantage of both low mortgage rates and the opportunity to buy:

“If you’ve found a home that fits your needs at a price you can afford, it might be better to act now rather than wait for future rate declines that may never come and a future that likely holds very tight inventory.”

Bottom Line

While today’s low mortgage rates provide great opportunities for homebuyers, we may not see them stick around forever. If you’re ready to buy a home, let’s connect so you can take advantage of what today’s market has to offer.

 

 

 

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