There are indications that our market is starting to favor buyers more as we head into summer, and we have the numbers to prove it.
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According to Frank Blakeley of Bay Equity Home Loans, we’ve been in a seller’s market for the past couple years, but we’re seeing indications that conditions are starting to favor buyers.
The latest numbers reflect this shift. 12% of all active listings have recently undergone price reductions. Compared to this time last year, there’s been a 3% increase in available homes on the market, but buyer demand has decreased by 8%.
If you’re a buyer, now might be a great opportunity to take advantage of current conditions.
This means if you’re a buyer and you’ve been frustrated by the lack of inventory and the high level of competition in our market, now might be a great opportunity to find a home you like and negotiate more of your terms with the seller.
That’s all for right now. If you have any financing needs, you can call Frank at (949) 433-0539. If you have any other questions about our market or you’re thinking of buying or selling a home, feel free to give me a call or send me an email anytime. I’d love to help you.
Click here to watch my full conversation with Frank Blakeley about the SoCal Market.
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