What Can You Expect From the Market?

What has taken place in the last 10-12 months in Southern California has been an almost “feeding frenzy” mentality. Inventory is at an all-time low based on what has come out of the banking boom of all the foreclosures and short sales that have taken place and we’ve seen the private equity investor enter the market at a pace we have never seen before. This has caused a lot of competition for the “every day” buyer, a buyer purchasing their second home, looking to buy a vacation home or even an investor looking to buy their first rental. This creates a more competitive market and raises the price causing buyers to pay all cash, over asking price, as-is or no contingencies. We’re seeing that market start to slow down heading into the fourth quarter. In the last 30-60 days, we’ve seen inventory start to rise and sales begin to slow which is very interesting because interest rates are still an all-time low.

You can always reach me at (760) 567-1823. If you are in Orange County, my number is (949) 916-4988 or if you’re in the desert, my number is (760) 568-1515. Thanks and have a great day!