SoCal's Housing Market Is Finally Showing Weakness — Or Is It? #5StarREALTOR

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Real Estate Agent with Allison James Elite CA. BRE 01501699
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In Today's Real Estate Market, It's Less About The Pretty Pictures Or Slick Videos and More About Experienced Negotiating Skills and Knowing How To Price To Sell!

 

Here is some good news for anyone looking for a house in some areas of Southern California.

The housing market has finally cooled down. Not exactly icy cold but cooling somewhat.

CBS2/KCAL9 reporter Jeff Nguyen spoke to some agents and real estate developers during this cooling off period.

“We blew out this wall. There was a wall here before,” says Jim Likens, a real estate developer.

He just remodeled a three-bedroom, two-bath condo in the San Fernando Valley.

Likens said he’s been unable to close a deal on the property — similar properties were closing faster than you can say “escrow” and not long ago.

Now? Not so much.

“This property has been on the market now for roughly two months,” Likens says.

He says there was a time when homes would get snatched up the very first day they hit the market.

Across Southern California, stats revealed a slight dip in the housing market last month  – compared to the same time last year.

It’s the first annual decrease in seven-years.

Realtor Jennifer Casteneda says she’s also lately been seeing more offers coming in at below the asking price.

(credit: istockphoto.com)

“There’s a lot of the going back and forth with negotiating. A couple of years ago – they were coming at asking or above,” says Casteneda.

To be fair, last month’s dip was about one-tenth of a percent – according to CoreLogic.

And it wasn’t across all of Southern California.

In fact — the drop in median pricingwas in Orange County — where Casteneda recently closed a deal in Costa Mesa.

“People really loved the home. But they would come back and say they’d wanted it at a much lower price,” says Casteneda.

According to Zillow, there were 24 percent more homes for sale in LA County last month than in March 2018.

In Orange County, listings rose by 40 percent.

“I’m going to hope for the best and expect the worst. So Things seem to be picking up for the summer time,” Likens said.

 

 

https://www.google.com/analytics/web/#home/a69066132w111663562p116541675/

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