π§ You may have read that real estate sales have dropped and prices are going down. You wonder if you should sell/buy now. What if it is like the last recession when there will be waves of upcoming foreclosures?…. WELL…the picture is different when you look at the real numbers in perspective.
ππ Prices and sales growth were coming down from extraordinary increases in 2020 and 2021. If you look at the median price, a normal 6% growth is actually very good, considering it was 6% of a 11% plus a 19% increase for the 2 years past (graph 1). The same goes for sales growth (graph 2), especially in the higher end market like Palos Verdes and the Beach cities. As a matter of fact, prices are still up in 2022 across the board in South Bay (graph 3).
β Today’s circumstances are very different from the last recession. 98% of mortgages in California are current (graph 4). Buyers looking to bottom fish in this category will most likely be disappointed.
π£ What does it mean for you? If you are a Seller, know that the market is still good. Homes are still selling and home prices remain high. Don’t hesitate if you have a reason to sell. If you are a Buyer, the market is less competitive now. More homes for sale means you are in the position to negotiate better terms for your purchase. This is not 2008 all over again, so think 2023 instead…
π‘ Every house is different and every deal is unique. If you are looking to sell or buy in Palos Verdes and South Bay, talk to a local real estate expert like Stephen Haw (310) 503-9886 π² to find out how to make your best moves. DRE#00808646 Keller Williams Palos Verdes Realty www.StephenHaw.com
CallΒ 310.503.9886 for professional guidance from The Stephen Haw Group, your local experts with international connections.