Good afternoon. I’m Jeb Smith, Real Estate Broker with ReMax Terrasol here in Huntington Beach with your Southern California Real Estate Market Report for July 2017. As we head towards the end of the summer selling season, we are continuing to see the supply of available homes for sale get smaller and smaller while buyer demand continues to remain strong. If I have sounded like a broken record over the past year or so it’s because the market hasn’t really changed other than the inventory is actually down nearly 20% making this year the most difficult for Buyers that we have seen in some time.
In a normal real estate market, we start to see inventory building as we near the end of Summer as potential Buyers are distracted with last minute summer activities like vacations and back to school shopping which also means less time for house hunting, causing our market to slow and in turn our inventory to build. As you know, we are definitely not in a normal market, with that being said, I can’t see any reason why our inventory would drastically increase as rates remain low and buyer demand continues to thrive. I’m predicting our current market conditions to remain the same for the foreseeable future.
With home prices continuing to rise and each new home coming on the market going for more than the last one that sold, we are starting to see appraisal issues on homes. In this kind of market, it’s imperative that Sellers use a Professional Realtor and price their home according to fair market value. Also, I would like to add that I would highly recommend that any person interested in selling their home put it on the MLS for all interested buyers to see instead of trying to do an off market sale or working with an agent who has a buyer and never listing it on the MLS. I won’t get into detail on this subject here but I recently wrote an article on my website with the specific tactics and strategies I use to help sellers leverage the currently lack of inventory to safely get top dollar for their homes. Click the link below to see the article.
On the Buyer side, I also use a strategic game plan to maximize the chances of getting your offer approved without overpaying for your dream home. If you’re considering buying, give me a call or shoot me an email and I’d be happy to give you the details.
On the interest rate side, it’s also more of the same. Rates are near the lowest levels of the year and those low rates are supporting the increase in sale prices. For homeowners, the recent appreciation, along with low rates have presented a great opportunity to optimize their home financing. If you need a great lender, let me connect you with my preferred expert to see how you can benefit while terms remain low.
As you know, all Real Estate is local, so if you are a Buyer, Seller or Investor in Today’s market and you have questions, I would love the opportunity to help guide you in the right direction. If you would like more information about me, please go to my website www.jebsmith.net or check out my other videos on YouTube. 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.