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So far in 2015, we've noticed that inventory is on the rise, and this will likely continue throughout the year. If you're looking to sell, now is the time to get your home on the market. As we get closer to spring, more and more people are going to be putting their homes on the market, making it more difficult to maximize your home's value. Come March and April, you're going to have to make concessions in order to beat out the competition, and you don't want to have to do that.
With a month under our belt here in 2015, there's no better time to take a look back at what we saw from Southern California real estate in 2014. After that, we'll take a look at predictions for the upcoming year.
DataQuick and CoreLogic have just recently released some relevant market information we think you should know about. Last year was a relatively strong year, even though sales dropped by about 9% over 2013. The drop is largely attributable to the amount of cash investors dropped from the market, which is actually a good sign for our market, as it means home prices are on the rise.
So far in 2015, we've noticed that inventory is on the rise, and this will likely continue throughout the year. If you're looking to sell, now is the time to get your home on the market. As we get closer to spring, more and more people are going to be putting their homes on the market, making it more difficult to maximize your home's value. Come March and April, you're going to have to make concessions in order to beat out the competition, and you don't want to have to do that.
For buyers, it's also a good time to act. We just saw FHA lower their monthly mortgage premium from 1.35% to .85%, which is fantastic news for first-time home buyers. Last year, we saw home sales in the $500,000 to $1 million price range level out, so there is a lot of inventory in the $500,000 price range and the $1 million+ range as well.
Because it's taking longer to get homes sold in this market, pricing your home right is absolutely critical! Putting the right price on your home from the get-go will make the all the difference in your home sale.
We've just come out of 33 months of consecutive appreciation. Since most real estate cycles last two to three years, we're expecting our market to really stabilize in 2015. We're not expecting any huge gains or drops, which is fantastic news for the Southern California market.
We've just come out of 33 months of consecutive appreciation. Since most real estate cycles last two to three years, we're expecting our market to really stabilize in 2015. We're not expecting any huge gains or drops, which is fantastic news for the Southern California market.
If you have any questions about conditions in your specific area, or if you need real estate assistance of any kind, don't hesitate to give us a call or shoot us an email at any time. We would love to help you!
