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. 

OC & LA Real Estate Monthly Indicator PWR report May 2013

photo by : Amir Zee

According to Pacific West Association of Realtors " PWR" Monthly Indicator report which all data comes from CRMLS, so it’s real, current and relevant information which buyer or seller  want to know " The Median Sales Price was up 23.4 percent to $506,000 for detached homes and 33.9 percent to $329,400 for attached properties. Months Supply of Inventory decreased 62.8 percent for single-family units and 64.1 percent for townhouse-condo units.

Please look at this  Monthly Indicator PWR report which cover Orange county and Los Angeles county at Southern California.

Low property inventory and risk of higher mortgage interest rate pushing the asking price for properties higher.  The Federal Reserve Bank is considering decreasing its $85 billion a month bond asset purchases, which have been holding interest rates at or near historic lows. This is mostly the result of an improving jobs market, which is a good thing for real estate.