Is it time to Sell in Silicon Beach?
It’s a sellers market, and we’re just all living in it.
“The 2016 housing market is forecasted to be mainly a seller’s market, filled with increasing home prices, relatively low inventory and fierce competition between buyers,” says Jonathan Smoke, chief economist for realtor.com®. “Buyers looking to close this year need to keep an open mind and be prepared to move quickly when they find a home that meets their needs. For sellers, it’s about understanding the ins and outs of their local market so they can optimize the price of their home and close quickly.”
It is predicted by the National Association of Realtors that real estate agents expect the strong sellers market to continue throughout the next 6 months in about 48 states. Homebuyers still outnumber sellers and are expected to continue to drive prices higher. Agents are expecting prices to raise an average of 3.2% nationwide during 2016.
California is expected to see an even higher increase in home prices, according to an article published by the LA Times in March. “Would be buyers can expect a pitched battle if they want to close a deal,” the article states. The boost in the market is attributed to the number of homes for sale in relation to low mortgage rates and steady job growth in the area. The more start up companies and tech moguls settle in Silicon Beach, the higher home prices will rocket.
Another indicator of the growing sellers market is a report that was released by CoreLogic that shows a jump of 9% in February from the year prior.
What does this all mean for you? It means that if you are looking to sell your home, then now would be a great time to do it! Silicon Beach is a rapidly growing market, with homes selling for more in the past 5 years than ever before. This is truly incredible considering the Real Estate market in the rest of the country was only just starting to return to normal in 2011. Silicon Beach is one of the most desirable Real Estate markets in California right now, and selling could mean large return on your original investment. All of this is something to seriously consider when looking for the right time to sell your home.
Author: Mariah Terry