Is now a good time to sell?
I would say it is a good time to sell, and let me explain why.
We have all heard about the California Real Estate market slowing down. What does this mean if you were planning to sell now? Let’s take a look at the La Mirada and Southern California market and see. If we check the Southern California market by county. Prices and Sales in each of the 4 major counties (Riverside, San Bernardino, Orange, and LA) have remained level over the last 6 months. If you click on the City of La Mirada Market Report below this write-up, you will see from the price graph that citywide prices have remained steady over the last 12 months. And from the price table, we can see that the city had a small price gain over the last 12 months, with an overall increase of $15,000.
In La Mirada sales have remained level, with an average of 44% of the inventory available selling each month. This is a very high percentage of homes selling each month, indicating low listing inventory and suggesting prices should rise. But so far they haven’t. If we look at one more indicator, it could help us determine what kind of market we are in and whether this is a good time to sell. If you click on one of the Neighborhood reports, take a look at the list of homes that have sold. The prices with a red arrow indicate that those properties had a price reduction. The percentage of properties that had a price reduction is 44%.
So, from the information above, we see that prices and sales remain steady, and that you can’t raise your price as you could a year ago. We are in a stable market for now.
In my opinion, now is a good time to sell because I don’t see anything to help the market rise. But there are factors that might make it decline a little. Inflation is still high, so interest rates are likely to stay high or even rise. The only reason I can see why prices haven’t gone down is that we have a low inventory. If inventory starts to rise, we may see prices decline.
How to get top dollar when selling your house in today’s market is another subject.
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Email tysutherland@firstteam.com
Cell 714 342 7270