Every year starts with predicted trends based on the previous year’s conditions and the overall financial, geo-political and social situation in any given area. Here are some of the ones predicted for California:
- Buyers will be less likely to invest. For Sellers this means a lower demand and more effort to sell their properties, while Buyers have more homes to choose from if they decide to make the move.
- Buyers are leaving cities for the suburbs. This trend from 2021-2022 will probably continue in 2023. Big cities such as San Francisco and Los Angeles are experiencing a decrease in sales, due to high prices and the fact that people are looking for a less busy place to live while they continue to work remotely.
- High mortgage rates continue to hurt both Sellers and Buyers. More Buyers are considering short-term private mortgages as a means of getting into a home quickly and with fewer restrictions.
- Should you buy or sell a new home now? The experts predict a continued Seller’s market in California. Low inventory ensures Sellers are at an advantage, and rising prices are only encouraging Sellers to put their properties up for sale.
If you do decide to sell this year, the experts advise not to wait until the last minute to find a new home. Many Sellers today find their new home first and use the equity in their existing home to obtain a “bridge loan”. This is allowing them to secure a home before selling their existing one. If this is a possible solution to your buying dilemma, give Sun Pacific Mortgage a call at 707-523-2099 to discuss a private bridge loan or visit our website www.SunPacificMortgage.com to find out more information about the Private Money mortgages we offer.