August 4, 2021
By Saeed Ghaffari
So Cal Market Beat
Buyer, Seller & Investor Tips
ECON 101 (Supply & Demand)
Table below shows the impact of the market trends and factors on our economy.
|MAI $/sqft Median Avg. DOM||MAI $/sqft Median Avg. DOM|
|Azusa||87 $439 $693,950 9||88 $379 $726,950 28|
|Covina||95 $440 $720,000 44||66 $355 $535,000 16|
|Glendora||71 $448 $1,048,000 55||73 $429 $517,500 147|
MAI: Market Action Index. MAI of 30 represents a balanced market between buyers and sellers. Over 30 indicates a seller market and below 30 is a buyer market.
Avg. DOM: Average days on the market
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5 Week Trends
In So Cal, there was a mixed trend in current inventory with an average 0.28% of overall increase. While Los Angeles, Riverside & San Bernardino counties showed an upward trend with respectively 0.68%, 0.10% & 2.22% increase in current inventory; Orange, San Diego and Ventura counties showed a decrease of respectively 2.02%, 0.13 % & 1.57%.
New listings in the region showed an overall downward trend with an average of 5.62% decline. The only exception was San Diego that showed an increase of 0.31%. Older listings also went slightly down as well with the average for the region being 2.63%.
New listings were 24.77% of total active inventory and older listings slightly rose to 10.68% of the active listings.
Coming soon inventory continued the trend from last week and went up by 0.79%.
Closed listings continued the trend from last week and went up by an average of 8.26% in SoCal.
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Should I Wait For Housing To Crash Further Before I Buy A House? 3 Reasons The End of 2022 Could Be The Very Best Time To Jump In
Prices falling in expensive cities
In two-thirds of major regional housing markets — 98 out of 148 — prices continue to drop, especially in more expensive locations.
We may see expensive markets fall further, which if that happens sooner than later, would make it an excellent time to buy into an expensive market. This wouldn’t have registered as a possibility even a few months back.
It’s difficult to predict if this will happen. And if so, whether falling prices become offset by the federal interest rate hikes practically certain to arrive in the coming months.
The only way to know for sure is to wait until the latest rate hike sets in.
Meanwhile, keep in mind that — as with any investment — it’s best time to buy is usually when prices are low.
With mortgage rates dropping and fee changes in the pipeline, now may be the time to buy that home Do you like this Article ? Sign up HERE for your FREE M&M Account to receive more Real Estate related information and news and THIS article. M&M Membership...
The days of waiving contingencies such as appraisals and forgoing inspections are fading into the rearview mirror. Still, contract activity remains slightly competitive depending on your location.
At least 24% of buyers waived the inspection contingency in December 2022, according to the National Association of Realtors confidence survey, up from 16% a month prior and 19% one year ago. An additional 24% of buyers waived an appraisal contingency in December, up slightly from 16% in November and 21% a year ago.
Home inspection contingencies are particularly important because it can let you know if there’s a deal-breaking issue with the property before a purchase occurs. It can also help you negotiate repairs with the seller, which is becoming increasingly common in today’s market.
“If buyers have this short window to buy where they can get incentives to purchase, [they] would rather buy where they have an opportunity to really think about it, get an inspection, a financing contingency and not feel rushed,” Jeff Reynolds, broker at Compass and founder of UrbanCondoSpaces.com, told Yahoo Finance.