September 2018 Market Update
Welcome to the September 2018 Real Estate market update for Southern California!
It’s hard to believe that September is already here because it still seems like this year has just begun.
As we’ve stated in previous blog posts and videos, the SoCal Real Estate market has definitely corrected but the BIG question is now that we’re a few months into this correction what exactly is taking place?
Is the SoCal Real Estate market crashing? Is it a full swing correction? Are we moving from a sellers’ market to a buyers’ market?
We’ll answer all of these questions and more in this market update.
We Now Have A Balanced Market
Right now, we’re in a balanced Real Estate market. This means that there is now enough inventory to keep up with demand for Real Estate in Southern California.
A balanced market also means that the fast-moving Real Estate market of one year ago where buyers were able to get multiple offers for their homes, sometimes far above their asking price, is now a thing of the past.
If you’re going to sell your home right now make sure that you take the time to get it ready for sale by cleaning, de-cluttering and staging your home for sale.
Once your home is ready to be listed, make sure to price it correctly because, if you overprice your home you risk it sitting on the Real Estate market for a lot longer than you expected and possibly selling it for less than what it’s worth.
Perfect Market for Buyers
Are you planning on buying a home? As we’ve already stated, there’s much more inventory to choose from but don’t think that you can get 20% or more off a seller’s asking price.
One thing you must keep in mind as a buyer is that interest rates are expected to increase at least two more times before the end of the year based on what the Fed has told us.
What should your action plan be? Let’s say that you find a home in the next 30-45 days, and you’re planning on putting down less than 20 percent. You should take advantage of that opportunity and don’t wait for the market to drop further because it’s unlikely that we will see a major market correction of 20%-45% in the near future.
Search for Homes in Southern California
To get started with searching for homes in Southern California, or to speak with us about selling your home, contact the Fred Sed Group today by calling us at (800) 921-9231 or connect with us online.