A Strong Start in Summer Sales

June 9, 2023

A Strong Start in Summer Sales

A Strong Start in Summer Sales

The residential housing market in Los Angeles and Orange County has exhibited remarkable strength, marked by high demand and limited supply. This trend shows no signs of abating, creating an opportune environment for both buyers and sellers. The value of investing in homes has become increasingly apparent this summer season, leading buyers to remain undeterred by the upward trajectory of mortgage rates.

Buyers are entering the market armed with cash reserves, resulting in a surge of all-cash purchases. This influx of cash offers has contributed to the competitiveness of the market, with nearly every property we've listed receiving multiple offers. The desire to secure a property amidst the limited supply has created a dynamic landscape for buyers and sellers alike.

We are delighted to see that lenders are also willing to collaborate with buyers, often contributing to buying down rates to facilitate home purchases. This collaboration between buyers, sellers, and financial institutions has proved beneficial in achieving the desired prices for sellers while enabling buyers to navigate the changing mortgage rate landscape more effectively.

Should you have any questions, require further information, or wish to discuss your real estate needs, we invite you to reach out to us.

Are Sales Back on the Rise?

For a while, the real estate market was slowing down, due to high interest rates, lack of inventory and uncertainty regarding regarding the economy and employment. However, data shows that home prices increased for the first time in February of this year and then again on March; this, following 6 months of falling home prices. "Two months of increasing prices do not a definitive recovery make, but March's results suggest that the decline in home prices that began in June 2022 may have come to an end," said Craig Lazzara, managing director at S&P DJI, in a statement, per CBS News.

This is great news for sellers, but is challenging for buyers as they are contending with higher prices and higher interest rates. One would normally expect these two factors to counterbalance each other out.

As schools are letting out for summer vacation and families contemplate making moves and purchasing homes, the hope is that more homes become available for sale and provide more competition amongst sellers.  Homes are no longer flying off the shelves like they were in 2020 & 2021, but prices are continuing to rise, a sign that there are still many confident and eager buyers seeking home purchases.

Read Our June Newsletter Here

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