There’s been talk about property values dipping across the country, and while most of those shifts are happening outside of California, one SoCal area has seen a price correction of nearly 25 percent.
But before jumping to conclusions, it’s important to understand why. The areas seeing the largest declines are also the ones that saw the biggest price increases over the past few years. These aren't market crashes—they're market corrections. Two completely different things. When values rise well above the average, eventually, prices return to more stable levels and correct.
So what does this mean for you? While sales have slowed down drastically and home price growth has cooled, this opens the door for buyers. Homes are more affordable now, especially for first-time buyers. And if you’re thinking about right-sizing your home, any equity adjustment on your current home could be offset by savings on your next purchase. Remember if you sell high, you’ll buy high and if you sell at a lower price, you’ll also buy low. It all works out in the end.
If you’ve been considering a move, now is a great time to explore your options because there is a lot less competition. Let’s talk about how you can take advantage of today's real estate market and the opportunities that await you.
Read this article to learn more, and call me when you’re ready to take the next step.
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Source: Newsbreak
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