Is the Real Estate Market cooling down?
The only thing constant about Real Estate is it’s always changing! While there are markers suggesting where the market is going, they are not infallible but having been in this business long enough, we tend to know what to look for.
There are certain markets that are different but connected. New York, San Fransisco, Los Angeles all have trends in common. Here is a good article stating the San Fransisco market appears to be slowing down. We are seeing this in the South Bay, sales are still strong but for the first time we are seeing price reductions in the uber competitive Beach markets and longer time on market for others. Buyers are feeling the Real Estate market cooling down and reacting. Buyers are questioning the value, and the potential that we are in another bubble.
If we are in a bubble, the difference is that interest rates don’t have room to go down. At 3% and even under recently..there just isn’t room. That should make for a much longer down period if indeed the Real Estate market crashes. Other concerns are the volatility of the stock market of late. We’re also seeing some negative changes internationally with China heading for a financial fall which will affect Real Estate held by international purchasers especially here in Palos Verdes and Manhattan Beach.
If you are a seller, now is a great time to sell. If you are a buyer, interest rates are as low as they are going to get and you may have more room on certain properties that aren’t selling as quickly.
Call me directly 310.989.4466 to find out what your property may sell for today, before the market cools down.