What’s Really Happening in Our Real Estate Market?
Well, I’m finally recovered enough from the Dodgers failure to advance (wait till next year, again!) so I can start concentrating on real estate again.
What is going on out there?
The reality is we are moving towards a more balanced market. For more than a year, we have had an unprecedented strong sellers’ market, with demand and prices going crazy. I was personally involved in the sale of a property that had 19 offers and sold for 10% above the asking price. I am not sorry to see that go away, and I think whether your interest is buying or selling, you should feel the same way.
Interest rates are definitely higher, but prices are holding steady. The numbers you are seeing in all the news are NOT price reductions but buyers concentrating more on lower priced homes. There is virtually no “panic” selling. Inventory is definitely low, but that is due to two factors, sellers with considerable equity and low interest loans not putting their homes on the market, and, of course, the time of year. November and December are historically always our slowest months.
My advice. If you’re thinking of buying, now is a great time. There is selection and none of the frenzy of the last several months. If you are thinking of selling, we can expect continuing appreciation, especially after the New Year.
As always, please feel free to contact us to discuss your real estate situation. You can reach us 949-500-6365, Frank@FrankDiLauro.com, or our website, www.FrankDiLauro.com
Best wishes for your Thanksgiving Holiday!
