Here’s a quick rundown of the California housing market for sellers:
Good News:
- Rising Prices: The median home price in California continues to climb, with a year-over-year increase of 11.3% in February 2024 [Redfin]. This means you could potentially get a good return on your investment.
- Quick Sales: Homes are selling faster than ever, with a median time on the market of 35 days in February [Redfin]. This indicates strong buyer demand.
- Inventory Shortage: There’s a limited number of homes available for sale, which can work in your favor during negotiations [ManageCasa].
Things to Consider:
- Interest Rates: While mortgage rates have come down slightly from their peak in late 2023, they’re still higher than they were a year ago. This could affect affordability for some buyers and slightly dampen demand [California Association of Realtors].
- Shifting Market: The market seems to be transitioning from a seller’s market to a more balanced one. While sellers still have some leverage, it may not be as extreme as in the past year [Norada Real Estate Investments].
Recommendations:
- Call Ralene Nelson: A qualified real estate agent who can help you price your home competitively, navigate the selling process, and get the best possible outcome.
- Highlight Your Home’s Strengths: In a competitive market, it’s important to showcase what makes your home unique and desirable to buyers.
- Be Flexible: While you have some negotiation power, be prepared to be somewhat flexible, especially if there are multiple offers.
Overall:
The California housing market is still a good place to be a seller, with strong buyer demand and rising prices. However, it’s important to be aware of the changing market conditions and consult with a professional to ensure a smooth and successful sale.
