Welcome to the January 2019 SoCal Market Update!
In this article, we will share with you our insights into what you can expect from residential real estate in Southern California this year.
A Balanced Year In 2019?
There’s no doubt that the SoCal Real Estate market saw an up and down year in 2018 because the year started strong as a seller’s market, but by mid-summer, it softened and turned into a buyers market.
What can we expect this year? Some people have said that the Real Estate market as a whole is turning into a more “balanced market” where there are normal supply/demand and interest rates. The reality is that no economist or Real Estate agent can tell you exactly what’s going to happen this year because there’s potentially a lot of “variables” which can affect residential Real Estate.
Some of the things which could affect Real Estate in 2019 including rising interest rates, strife in U.S. Government, and trade wars. Any of these factors (or a combination of all of the above) could affect the Real Estate market.
What to Do If You Have to Sell Right Now
At the end of the day, the most important factor to consider when it comes to selling your SoCal home is you.
Don’t let economic conditions or what’s happening politically stop you from selling your house. Take a look at what the current fair market value of your home is and start taking steps to get your home sold so you can move onto your next home or Real Estate endeavor.
What to Do If You Want to Buy an Investment Property Now
Are you planning on buying an investment property? If so, the most important thing that we encourage you to do is buy right.
What does this mean?
If you’re going to finance the home make sure that you get a mortgage with a solid interest rate and a down payment of 20% (if you can). Most important of all, you must have confidence that you will be okay with the property you’re buying for at least the next 5-8 years. This is especially important because if there’s a market correction within the next two years you want to be able to “ride out” that correction until you get back on top.
Contact Fred Sed Realty
At Fred Sed Realty we take pride in helping buyers and sellers across Southern California so if there’s anything that our staff can do to assist you with your Real Estate needs please contact us seven days a week at (800) 921-9231 or connect with us online.