As you may remember, the California Association of Realtors (CAR) is an incredible source of data about housing in California. The following is from their “July (2021) Home Sales and Price Report”, dated August 16, 2021
“California’s housing market moderated for the third straight month in July with both home sales and prices tempering from the heated market conditions seen over the past year…”
CAR President David Walsh said, “The California housing market continues to normalize from the white-hot conditions we experienced at the height of the Pandemic…” “The market remains solid, however, as sales were still the second highest for a July in the last six years, and the Statewide median price continues to perform above last year’s level by double digits. Housing supply, while improved, remains tight and market competition is still heated with homes flying off the market in record time.”
So what does that all mean. First it is still an incredible time to be a seller. Prices are high and sellers still have considerable leverage with respect to price, escrow period, rentbacks, and concessions. Also, since we are seeing an increase in inventory, buyers are also benefiting by having more selection and more opportunity to have their offers accepted. Further, interest rates are, if anything lower than they have been, meaning more opportunity for buyers.
If you or anyone you know is thinking of buying or selling call or email us now to insure the best possible results for you. You can reach us at 949-500-6365, Frank@FrankDiLauro.com or www.FrankDiLauro.com
(Bonus: This is a great time to invest in Real Estate. Our current very low interest rates will allow you keep your payments low, meaning reduced or no negative cash flow. Let your tenant pay your Mortgage payment and reduce your loan amount, building your equity at little or no expense to you!)