As a home buyer or seller, understanding these trends can help you make informed decisions. Buyers have more leverage with increased inventory and potentially lower prices, while sellers are encouraged to be strategic and patient, adapting to a more competitive market environment. Whether buying or selling, working closely with a real estate professional can provide valuable insights tailored to your specific needs and goals.
Unsold Inventory Index Increase:
The increase in the Unsold Inventory Index indicates that homes are staying on the market longer due to softer demand. For buyers, this means more options and potentially more negotiating power. Sellers, however, may need to be more competitive with pricing and marketing strategies.
Active Listings Growth:
Listings have grown by over 40%, that means more active listings mean more choices for buyers, increasing competition among sellers. As a seller, it’s crucial to ensure your property stands out, possibly by enhancing curb appeal or adjusting pricing strategies.
First Yearly Median Price Decline in Two Years:
A decline in the median home price can be advantageous for buyers looking to enter the market at a lower cost. Sellers, on the other hand, may need to adjust their expectations and pricing to match current market conditions.
Increased Time on Market:
Homes are taking longer to sell compared to last year, reflecting the overall cooling of the market. While this allows buyers more time to make decisions, sellers might need to be patient and possibly consider strategic incentives to attract buyers.
Source: California Association of Realtors
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
