Are we in buyer market yet?

The days are gone when buyers were widely willing to drop home inspections and other contingencies. Seller contributions will be more common, and concessions will be buried beneath the surface in recorded sale prices. It’s not a buyer’s market, but at least purchasers sense that some bargaining may be possible. It’s another opportunity to get into the market that millions of purchasers will take advantage of during the coming year.

My friends, the real estate market has been a seller’s paradise fueled by pandemic fears and historically-low interest rates for the past few years. But, at the start of 2023, a new market emerged, with a more outstanding balance between buyers and sellers.

Please call me if you have any questions at 562-715-8622. Your feedback is critical to be part of this conversation, so please make a comment. 

Housing Shortage at California

Photo by Amir Zee | Long Beach, CA

On the final day of the 2017 legislative session, the California legislature approved, and Governor Brown signed fifteen separate bills aimed at starting to address some of the driving factors of the shortage, such as requiring cities to allow developments that meet their zoning and general plans and allowing micro apartments as small as 150 sq. Ft.

It is evident due to the housing shortage, housing prices increasing this year. Interest rate still low between 4% - 5%.

According to California Association of Realtors, affordability for a single family residence is 31% and the median price of $538640. Condominium affordability is 39% with the median price of $449720. 

If you have any questions or comment, please contact me, I will be glad to help. Be sure to subscribe for future upcoming real estate issues.