As you have likely been seeing in headlines, the real estate housing market is continuing to cool down from the last couple years of dramatic price increases and extraordinary competition. According to Infosparks data, in Southern California the number of homes in escrow has dropped 47.9% from October of last year and average days on market has doubled from 11 days to 21.
Buyers: For the last two years, people have been paying well over list price. Now, buyers are scoring an average of 2% below list price! You can negotiate again like the good old days - with normal contingencies! Yay!
Sellers: Expect to be flexible on price. You can still capture your appreciation since the market is still up 43% since 2020; however, you must be nimble! Don’t let your listing languish on the market too long. Adjust quickly and score the sale!
Please let us know if you would like a custom home evaluation or have any questions about navigating the market!
