Happy Halloween!! I’m Jeb Smith, Real Estate Broker with ReMax Terrasol here in Huntington Beach with your southern California Real Estate Market Report for October 2017 (October 2017 Huntington Beach Real Estate Market Report). Now that we have fully transitioned into the Autumn Market, let’s talk about what we can expect with housing market and it affects you as we move in the Holiday Season.
As expected, inventory continues to decline which is normal for this time of year but the real story is that our inventory is down over 20% of where it was this time last year. As we enter the Holiday season, inventory levels will continue declining to not only the lowest levels of the year but likely the lowest levels in over a decade. This decline in inventory will also bring a drop in buyer demand which is completely normal for this time of year. This decline in both inventory and buyer demand will set us up for a slow start to 2018 where this trend will likely continue until the early spring.
Sellers definitely remain in control of this market but need to be priced correctly in order to achieve the best results. If you are a potential Seller who is unsure of the right time to list or have questions about how this market could help or hurt you, I’d recommend speaking to a Real Estate Professional like myself to learn more and discuss your real estate goals.
While rates have risen over the last few weeks, I do expect them to stay low for the foreseeable future with a potential rise later in 2018. This rise in rates along with a 3-5% increase in prices next year will make it more difficult for buyers to qualify, so if you are considering purchasing in this market I would recommend speaking to a mortgage professional to discuss your options so you are in the best position to make an informed decision when the right home presents itself.
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 here on Facebook and 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.