With interest rates rapidly rising, buyers and sellers alike are struggling to adapt to the market’s current condition. The prediction is that the market will continue to evolve in the next 12-18 months, with realtors playing an integral role in client success during a complicated time in real estate.
Yes, California home prices have continued to increase annually; however, the statewide recorded median home price has dropped compared to this time last year. This means, the rise of the median price of a home has significantly slowed down from the pace set in 2021- whether due to the interest rate increases for financing, or the settling of the mass shift in populations following the beginning of the pandemic.
We are urging buyers to continue to be persistent, understand their financing and the impacts of the current market to a mortgage, and to continue to be ready to move on opportunities as they arise.