The Southern California housing market has been a hot topic in recent years, with many potential buyers wondering if they should purchase a home in the area. With rising prices and limited inventory, it’s important to understand the current state of the market and what you can do to succeed.
OC Housing Market Report 2016-06
According to the OCHN SoCal Housing Market Report from June 2016, the Orange County housing market was experiencing a shift towards a buyer’s market. This meant that there were more homes available for sale than there were potential buyers, giving buyers more negotiating power.
However, this report is from over five years ago and the market has since shifted. As of March 2019, the median home price in Orange County was $720,000, up 2.9% from the previous year. Inventory is also at a three-year low, with only 3,613 active listings in March 2019.
Despite these challenges, there are still options for buyers looking to enter the Southern California housing market.
Southern California Housing Market
The Real Deal recently reported that the Southern California housing market is becoming “increasingly bifurcated.” This means that the luxury market is still seeing growth and demand, while the mid-range market is experiencing some slowdown.
However, this doesn’t mean that you can’t find a home in Southern California that falls within your budget. Here are some tips and ideas on how to succeed in the current market:
Tip #1: Be Prepared
Before you even start looking at homes, it’s important to be prepared. This means getting your finances in order and obtaining pre-approval for a mortgage.
Talk to a lender to determine how much house you can afford based on your income, debt, and credit score. This will give you a better idea of what neighborhoods and types of homes you can realistically consider.
Additionally, consider working with a real estate agent who can help guide you through the process and recommend homes that fit your criteria.
Tip #2: Be Flexible
With limited inventory, it’s important to be flexible when it comes to your housing preferences. You may have to compromise on certain features or neighborhoods in order to find a home that fits within your budget.
Consider looking at homes that need some work or are in up-and-coming neighborhoods. These properties may be more affordable and have greater potential for return on investment in the long run.
Tip #3: Move Quickly
In a hot market, homes can sell quickly. This means that you need to be prepared to move quickly when you find a home that you love.
If you’re interested in a property, make an offer as soon as possible. Consider offering above asking price or including an escalation clause in your offer. An escalation clause states that you’ll outbid any other offer up to a certain amount.
Tip #4: Get Creative
If you’re having trouble finding a home that fits within your budget, consider getting creative with your housing options. This may mean purchasing a duplex or triplex and renting out the other units to supplement your mortgage payments.
You could also look into buying a vacation home or investment property that you can rent out on sites like Airbnb when you’re not using it.
While the Southern California housing market can be challenging for buyers, there are still options available. By being prepared, flexible, and creative, you can find a home that fits within your budget and meets your needs.
Whether you’re looking for a fixer-upper or a luxury home, there are homes available in Southern California for buyers of all types. Good luck on your home search!
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SoCal Housing Market Update: 5-11-2020
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