Southern California temperatures are pushing 100 degrees and we are officially now in summer. How is the real estate market doing? CAR’s June 2024 Market Data reported the following bullet points:
- “Federal Reserve takes its time and holds rates steady
- Inflation eases more than expected in May
- Homebuyer sentiment dips as rates rise
- Homeowner equity rises nearly double digits from a year ago“*
Consumers are optimistic about the economy and their finances, in spite of inflation and high mortgage rates. Why is the Southern California housing market still experiencing high home prices? Low inventory, lack of building, and homeowners staying in properties longer mean that home equity is increasing for current homeowners. When no one in the neighborhood has sold for a few years, when your home comes to market, you can ask more for it. With fewer homes for sale, homes are selling for more. It is a competitive market for buyers, who are often submitting offers on homes with multiple offers.
Who is buying and selling? In the past month, my brokerage KALEO Real Estate has helped a wide variety of clients. The closed sales range from turnkey remodeled homes that are top-to-bottom updated, to homes with deferred maintenance. People have sold because of job relocations, inheriting a property, growing families, or wanting to buy their first home — congratulations to all of those first time home buyers!
Do you need a customized home value report so that you can make a decision about your future? Do you need more information about buying your first home? Are you not sure where to start?
Start with calling, texting, or emailing me and I can guide you through whatever steps you need to take.
Stay cool,
