The opening line of the CAR 2024 Real Estate Market Forecast is “California housing market will rebound in 2024 as mortgage rates ebb.” That is encouraging news for homeowners, home buyers, and real estate professionals.
The real estate market is tied to so many other economic activities. When people move, they hire moving companies, buy new furniture, start backyard projects, and make other purchases that stimulate the economy. For Southern California, it can feel like the market is never slow. With limited inventory compared to home buyers who want to enter the market, it is perennially competitive.
If you take a look at the chart of sales from CRMLS (our local MLS that we input listings in) you will see the seasonal peak of when properties close. Last year in 2023 the highest number of properties closed escrow in June 2023. If you have a 30 day escrow and listed in May then maybe you could close in June, but realistically those sellers started conversations with their REALTORS earlier that year.
If you are thinking of selling your home, here are 3 reasons why you should consider listing your home in Quarter 1.
1. Low Inventory gives you a competitive advantage. Many home buyers are fresh off of setting 2024 New Year’s Resolutions and are excited about submitting offers.
2. The rush of the spring real estate market is around the corner. Historically, more listings come to market in April, May, and June than in January or February. By listing in Quarter 1, your listing stands out more and you enjoy more of the benefits of #1 – Low Inventory. If you have a home that “doesn’t show well” whether there is deferred maintenance or it is a little more unique, then listing with less competition could be in your favor.
3. Moving isn’t a want, it is a necessity. Those “need to move” scenarios could include: your home is too big; your home is too small; you are moving out of state; your parents are moving in with you; your kids are moving in with you; you are tired of living in an area that was close to work and now you work from home and don’t have a commute. The list of reasons why you might want to move goes on. The necessity might not be connected to where you live, but instead an investment or inherited property.
If you are a homeowner, I want to provide you with today’s January 2024 Price Value Report on your home. This will be an analysis of your home’s current value based on recent sales and local activity. Zillow and other automated websites provide an estimate. If you’ve made upgrades, remodels, or improved your property, let me know so I can take those into account.
