Is now a good time to Buy or Sell?
As a REALTOR, the most common question I get asked is, IS NOW A GOOD TIME TO BUY OR SELL and while that all depends on which you are trying to accomplish, let’s take a look at the current market trends and see if I can help you make some sense of the data. As of this week, the median home price for Condos in Huntington Beach is $445K and $899K for Single Family Homes.
Prices have leveled off for both and started a sideways trend (which means they are not really going up or down at the moment). With Condos, inventory is tightening while the Days on the market is falling giving Sellers an advantage. With regards to Single Family’s , inventory has started to tick up a bit but Days on the market trends is trending lower meaning the overall conditions for Single Family homes may be starting to weaken .
Currently the market seems to be paused around this recent high point with regards to prices. However,inventory as a whole is still sufficiently low which keeps us in a Sellers’ Market meaning that if themarket does HEAT up then prices are likely to resume an upward climb. Now let’s take a step back and consider where interest rates are for a moment as this does play a factor in how both Buyers and Sellers approach the market.
Currently interest rates on a 30 year fixed are somewhere in the neighborhood of 4.125% which means we are still close to historic lows and have pulled back from the recent rise that took rates up to around 4.75%. This is good sign for housing as it gives Buyers more purchasing power and at the same time gives Sellers an opportunity to take advantage of the recent rise in home prices from 2013.
Going back to our initial question, Is now a good time to buy or sell? At the end of the day it’s still a GREAT market for both Buyers and Sellers. For Buyers, prices have flattened out while interest ratesare remaining low giving the Buyer a good opportunity to jump into the market. It’s a similar situation for Sellers although prices have stopped climbing and inventory still relatively low, this is giving the Sellers an advantage to sell near recent highs. If you want more information about your property or if you are just starting the process and need someguidance, let’s schedule some time to talk. Call me today at 714.376.2711 for a no obligation consolation or visit me online at coastalrealtygrp.net and click on my client reviews to see what others are saying about their experiences working with me. Thanks again for taking the time and I look forward to seeing you again soon.
