is a SoCal market crash coming? #orangecountyrealestate #markettrends

is a SoCal market crash coming? #orangecountyrealestate #markettrends

Thinking of buying (or selling) a home in sunny SoCal? Buckle up, because the 2024 housing market is a rollercoaster of trends, predictions, and opportunities. In this video, we'll break down the latest scoop on prices, sales, and what it all means for your real estate dreams.

First stop: Prices – Buckle Up for Twists!

Hold onto your surfboards, prices haven't crashed...yet. December 2023 saw a slight dip from November, but compared to last year, SoCal's median home price still climbed a cool 6.3%. So, it's not a freefall, but a gentle glide down the price mountain.

Regional variations add spice to the ride. While the median price for SoCal sits at $790,000, some areas are bucking the trend. Orange County, for example, saw a price hike of 9.4% year-over-year! Talk about a hot property market.

Don't get spooked by the whispers of a 2008 repeat. Experts agree – a major crash is unlikely. The market might cool down, but its foundations are stronger than that shaky California beach house you saw on HGTV.
Next stop: Sales – A Balancing Act on the Tightrope

Remember that crazy seller's market? It's taking a breather. December 2023 saw a flat sales volume compared to November, and a 7.1% dip year-over-year. But don't count out sellers just yet! The competition might be less fierce, but there's still plenty of action happening.

Buyers, rejoice! Your bargaining power is on the rise. With more inventory and less competition, you might finally have some room to negotiate that dream beach bungalow price. Just remember, SoCal charm still comes at a premium.

Location, location, location! Sales trends vary across the region. The Inland Empire, for example, saw a 12.2% year-over-year sales drop, while San Diego County defied the slowdown with a 3.5% increase. Do your research to find the SoCal market that's moving like you.

Bonus stop: Predictions – Gazing into the Crystal Ball of SoCal Real Estate

Mortgage rates might be your new best friend. After a scary spike, rates are finally cooling down, making that monthly payment a little less intimidating. Experts predict they'll stay in the 6% range for now, so don't wait for the "perfect" rate – jump in while the water's warm! ‍

Inventory is slowly rising, like the tide. This means more choices for buyers and potentially less pressure on bidding wars. But don't get too comfy – SoCal homes are still hot cakes, so be prepared to act fast when you find your dream property. ⚡️

The market might cool, but it won't freeze. Experts expect a gradual slowdown, not a dramatic crash. SoCal's allure and economic strength will keep the housing market simmering, even if it's not boiling anymore.

So, what does it all mean for you? Whether you're a seasoned SoCal surfer or a newbie dipping your toes in the housing market, there's opportunity to be found. Do your research, understand the trends, and work with a trusty real estate agent to navigate the waves. Remember, the 2024 SoCal housing market is a complex ecosystem, but with the right knowledge and a dash of SoCal sunshine, you can ride it to your dream home.

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References/Credits/Additional Links:

Article Link:
https://www.noradarealestate.com/blog/southern-california-housing-market/

https://www.redfin.com/news/housing-market-update-prices-rise-pending-sales-fall/

Music:

Digital Assets:
https://www.vecteezy.com/free-videos/stars-green-screen"Stars Green Screen Stock Videos by Vecteez

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