Real estate agents throughout the California regions are reporting a rapid shift in the market. Six months ago in quarter 2 2022, 95% of agents who were surveyed characterized their market as a seller’s market. In Q3, that number had declined to 51%, and in Q4 it fell to just 30% of agents.
Home Buyers in this wonderful state of California, are beginning to see more favorable conditions when it comes to pricing and competition for homes as the market continues to rebalance. This is in sharp contrast to the hot real estate and lending markets that we witnessed from 2020 to mid-2022, when agents consistently reported a buyer’s market at a rate of only 1%-2%.
An example of this market shift can be found in a study where 64% of agents say that most homes in their market are not getting multiple offers. This is reminiscent of the trend that began in Q3 2022.
Nearly 95% of all agents surveyed reported that the average days on the market for listings in their area is increasing. But because housing is retaining much of the staggering equity gains of the past couple of years, and the increasing interest rates affecting affordability, the situation isn’t a buyer’s paradise yet.
If you are planning to purchase or refinance your home but can’t qualify for a conventional loan, consider a private mortgage from Sun Pacific Mortgage (707-523-2099 – www.sunpacificmortgage.com). We have helped thousands of buyers just like you for the past 35 years with our family-owned company.