Let’s discuss the current state of the real estate market. People have been talking about the ongoing rate hikes and inflationary pressure, but the impact on housing wasn’t immediately evident. It takes time for these factors to play out, and we only saw their full effect last month , causing a stall in the market.
For instance, let’s look at Laguna Niguel. Year over year, there has been a significant 60% reduction in the number of homes sold, and San Joaquin Hills saw a 55% reduction.
So how has that affected home values?
On the surface, it may seem like values are holding steady, but let’s dig deeper. Normally, you’d expect home values to decrease, but we haven’t seen a substantial increase in available homes, which has balanced out the downward pressure on prices. Nonetheless, there is still a lot of uncertainty in the market.
I started out by saying what is selling and what is sitting.
Some homes are sitting on the market because they lack uniqueness or emotional appeal to homebuyers to jump into the market, we call them vanilla and we price adjustments to make them more attractive. On the other hand, certain homes receive multiple offers within the first days because they offer something special, like a rare coveted single-story layout, or a unique, functional fully developed large lot. In different market conditions, every home has its own appeal.
Despite these factors, there are still challenges in the marketplace, and we’re heading into some uncertain times due to various unknown variables converging all at once.
If you are planning a new stage of life that will require you to make a move there is still plenty of opportunity out there: as long as you have a well thought out plan.
For over 30 years I have helped families navigate all types of market conditions with a signature guide called “ the Plan”. You see, the process involves clearly understanding your PURPOSE and desired outcome. Then carefully coordinating the logistics and crafting an AGENDA that aligns with your purpose. Then tying it all together with the next step in mind. Yes, moving can be stressful but my process gives you comfort and success throughout the journey.
Feel free to download a copy, give it a read, and see if it is a fit for you. Until we meet you take care.
www.SJHexpert.com
