Here’s a great chart that shows how home prices have fared in your area.
It appears that everywhere it has gone down (except for CA Central Coast) and luckily not by too much.
In Southern CA the average price drop has only been 6 percent which isn’t too bad.
I know many people are waiting for prices to drop further and with the lack of available homes for sale, we may not see substantial price drops any time soon.
If you take into account that interest rates continue to rise, any price drop that could have brought down your house payment may be wiped out with higher interest rates.
More importantly, you have to think about qualifying. I recently spoke with a client that wanted to buy a house 2 years ago and decided to wait “until home prices come down further” and unfortunately because the rates today are so much higher and prices did not come down, today they no longer qualify to purchase a home in Southern CA. Two years ago, this client could have bought a great home and today be a homeowner, enjoying all the benefits of homeownership. Unfortunately, with wages not coming up to the level of inflation, we are seeing more and more people not able to qualify at all for a home in Southern CA.
If you think you are ready to buy, right-size your current home; if you think you may want to move out of the area or maybe looking into investing in a second property…call me, and let’s put a game plan together so you do NOT end up pricing yourself out of the real estate market altogether.
Remember, we are going to date the rate and marry the house. If you are going to pay to live somewhere, it may as well be your home you’re paying for versus your landlord’s home.e
Read The Article Here
California Association of Realtors