CA Association of Realtors just released the October 2022 Housing Market Statistics. Keep in mind most of these sales went into contract in September with a 30 day escrow.
In the Los Angeles County housing statistics the median price fell from September (4.2%) but is almost equal to same time last year. The statistic that total sales are down from last month but down almost 40% is what I am seeing out on the street. Price reductions are common and properties are taking significantly longer to sell. Some of this is influenced by us moving into the slower pre-holiday season.
I now feel strongly that if first time home buyers or Buyers with a lower down payment (such as FHA or VA loans) who have not been competitive with offers for the last two years do want to get into the real estate market they should start getting their ducks in a row now. In the upcoming months, especially right after the New Year, they may find the right opportunity. Top items are saving for down payment, monitoring/improving credit score and learning about loan types.
If you want to buy real estate in the next year now is the time to learn about what type of loan you can qualify for and want to use for your purchase.
Who to Call
For a free consultation on your home’s value, how to prepare your home to sell or the real estate market in general call me at (818)570-1144 or email [email protected] or visit https://janeybishop.com
SRES, CPE, CPRES, RCSD, CDRE
Senior Real Estate Specialist, Certified Divorce Real Estate Expert
Probate Certified Expert, Real Estate Collaborative Specialist – Divorce
