Some trends point towards a buyer’s market heading our way.
There’s no doubt that we’ve been experiencing a seller’s market. As low mortgage rates and skyrocketing rent costs drive more and more Americans to buy homes even as the national housing inventory has stayed relatively tight, sellers have had the opportunity to sell their homes quickly, and for a notable profit.
The tides could be changing, though. Trulia recently calculated how long it takes for homes to sell and found that 63 percent of homes listed early in the summer were still on the market two months later. This is an increase over the 61 percent last summer posted.
What does this mean? It could hint that the market is slowing down, which would be great news for would-be homeowners who’ve been scrambling to get into homes in the face of competition from other buyers.
Ultimately, the fact that some homes are lingering on the market doesn’t necessarily mean that all buyers will have an easier time, though. Specifically, California buyers can still expect a fast-paced market since the Golden State boasts 5 of the top 10 fastest housing markets. That doesn’t mean that we won’t see a gradual shift towards a buyer’s market, but it does mean it could take a little longer for it to reach our particular portion of the West Coast.
Whether you’re buying or selling in the local market, it’s important that you have an ally on your side to make sure you make the most of your real estate process. For expert insight into local luxury real estate and top-tier service, contact me, Betsy Dittman. I’m dedicated to helping homebuyers and sellers in Beverly Hills and Los Angeles bring their real estate dreams to life in 2015.