As Spring arrives, the housing market is looking considerably more buyer-friendly compared to a year ago. The inventory shortage of homes we have witnessed has decreased, and higher inventories are driving price cuts.
According to Realtor.com, inventories have increased by an average of 6% year over year. Markets with some of most impressive numbers include:
- San Jose up 125%,
- San Francisco up 53%,
- San Diego up 36%,
- Los Angeles up 26%,
- Sacramento up 16%.
The median list price rose 7% year over year in February, but prices are showing signs of cooling. Thirty-nine of fifty largest housing markets saw an increase in price cuts in February. In California, San Jose with 9% and San Francisco with 5% led the way in price reductions.
All in all, this information bodes well for buyers looking to invest in real estate in 2019. It appears that the real estate market has begun to turn the corner from a sellers’ market to a buyers’ market.
If you would like to participate in this wealth generating opportunity, but cannot qualify for a conventional loan, give us a call at 707-523-2099. We are here to help with poor credit, fast loans, big loans, and everything in between.