This is Jeb Smith with Re/Max Terrasol and this is our August 2017 Huntington Beach Real Estate Market Report.
What’s changed since last month or the previous month for that matter? Nothing other than we have likely already seen the peak in inventory of homes for sale. This means that there will be less and less homes for buyers to choose from as we move through the rest of the year. This inventory peak is a seasonal trend that happens every year like we’ve discussed in the past. The difference this year is that our summer inventory peak failed to reach the levels of the last several years. The bottom line is the inventory of homes for sale will decrease from already low levels which continues to make it difficult for serious buyers to find the right home. Homes priced appropriately will likely continue receiving multiple offers continuing the upward trend in prices.
If you are seriously considering selling your home, now is a very good time to consider putting it on the market. While we are moving out of spring market which historically has been the easiest time of year to sell, don’t think you have to wait to potentially sell your home for top dollar. With interest rates continuing to stay low and inventory severely limited, the simple fact remains that there are far more buyers in the current market than quality homes for them to buy. In the last two weeks, I’ve sold 2 homes with multiple offers received in the first week on the market. Serious buyers are out looking for their new home and they have learned to be ready when a quality property comes on the market. While the fall typically brings a slowdown in buyer traffic, we are seeing that buyers will continue to search for the perfect home regardless of the time of the year. Sellers still have the upper hand and this is a trend that will continue for the foreseeable future.
Low interest rates are a key driver in our rising real estate prices and this is another area where we continue to see more of the same. Lenders are starting to come up with more creative ways to help buyers get into a home. Recent changes to mortgage guidelines include expanded debt to income ratios, more favorable treatment of student loan debt, less documentation for self-employed borrowers and streamlined appraisal options. Nearly every day I have a message in my inbox announcing changes making it easier to qualify for today’s great rates. I personally don’t believe this is anything like the financing we’ve seen in the past as income is still being documented and down payments are still being required. Either way, the trend of loosening guidelines will continue to feed our market with home prices continuing to go up.
If you are buyer or seller considering your options, I would love the opportunity to discuss your goals in more detail and help guide you in the right direction. As an experienced Realtor who prides himself on market knowledge as well as the process, I am an asset to any home Buyer or Seller looking to take advantage of the market. If you would like more information about me, please go to my website www.jebsmith.net or check out my other videos on Facebook and YouTube. Want more information about what my clients have to say, check out my reviews at the link below.
As always, I appreciate you taking the time to watch and I look forward to seeing you again next month. Make it a great day.