Around the Southland, the real estate market is leveling off slightly. A previous post picked up on this trend over the fall. While urban real estate prices are now shooting up, suburban home prices are not keeping pace with the year-to-year data from last year. New information from local counties bears this out. While prices continue to rise the increase is smaller.
Many economists predict price increases will get smaller from here on out. People simply don’t earn enough to consistently pay so much more for housing, they argue, particularly as mortgage rates are expected to rise.
We see buyer frenzy is cooling off. We are seeing that now.
Although price drops are verified, most homes in some areas have been selling above asking recently, according to data from Redfin. And to be successful, many buyers still find they must waive contingencies that would let them back out of a deal if a house needs repairs, or if the appraisal comes in low.
Forecasting currently trails what we are seeing in the real world. And for now, prices across Southern California are rising much faster than what CoreLogic predicts will come next year.
#Sellersontop #entarissmart
What are your buying and selling plans this winter? #comment
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Copyright © This free information provided courtesy L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association, or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com, Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.