It’s officially August 2018 and one thing that we now know is that the Real Estate market has changed. We’re not just talking about the Los Angeles area, Orange County, or the Inland Empire, we’re talking about the nationwide Real Estate market.
Nationwide Cool Off
After speaking with other Real Estate agents across the United States one thing most agents can agree on is that the Real Estate market has cooled off nationwide.
What is causing the cool off? There are a variety of reasons for this but the top one that most agents and Real Estate professionals can agree on is that rising interest rates has stopped some buyers from entering the Real Estate market to search for homes.
In Southern California, we’ve actually seen a rise in inventory while interest rates have risen at the same time. This has turned off many people who would have been searching for a home but they’ve now postponed their plans.
The obvious good news about the Real Estate market cooling off nationwide is that this has created more opportunities for buyers to find the right home than ever before.
Sure, mortgage interest rates are higher now than they were at the same time last year but home buyers in Southern California and across the United States have more homes to choose from compared to the highly competitive Real Estate market of the last 2 years.
How long will the cool off last? It’s anyone’s guess but one thing is for certain if you plan on buying a home in Southern California or elsewhere in the United States, now is the perfect time to make your move because you have more homes to choose from and the ability to find the home of your dreams.
Contact the Fred Sed Group
To learn more about the Southern California Real Estate market, or to view homes for sale, contact the Fred Sed Group at (800) 921-9231 or connect with us online.