California Housing Market Update

Neighborhoods and News
November 14, 2023

Is Now a Good Time to Buy a Home?

A lack of affordable inventory, short supply, and high mortgage rates have put off a lot of buyers in California in 2023. While some experts claim that most Californias are gearing towards renting, others suggest that the property market is designed to be resilient – but not affordable to all residents of the Golden State.

While many residents are struggling with the decision to buy vs. rent a home, ultimately, the decision is up to you! We are not in a buyer’s market quite yet, however. Whether or not it is an excellent time to purchase a home is dependent on the following factors, including the following:

Your Income and Financial Ability
The Available Inventory in Your Desired Location
Your Lifestyle Preferences

Additionally, market conditions may affect your ability to get a home in today’s ever-changing real estate market. It is important to research and consult a professional before making a decision. Although there are many benefits of owning a home, taking the time to carefully consider all these factors can help you make the best decision for yourself and your family.

What Does the CAR Report Say About Home Sales in California?

According to recent data in a report provided by the California Association of Realtors^Ⓡ, home sales for single family homes fell by 5.4% from September to October and are down by 21.5% from last year. Across the state of California, median home prices fell by almost 2%, but the Bay Area has suffered the most in terms of a decline in sales.

While homes are not sitting on the market for long periods of time, homes are not selling as fast as they were in 2020. The average time a home sits on the market is around 18 days.

Should I Sell or Buy a Home in California in 2023?

If you are thinking about buying or selling a home in California in 2023, you need an experienced Realtor at your side to help you navigate this changing market and challenging conditions. Your Realtor or real estate agent can help you understand the market trends and help you make the best decision for your situation. They can also help you negotiate the best deal and protect your interests in the transaction.

Your agent can also provide valuable advice when it comes to getting a mortgage, finding a lender, and choosing the right home for you. They can also connect you with other professionals, such as home inspectors, attorneys, and other professionals who can help you in the home buying process.

If you are searching for a Realtor in Encinitas, Oceanside, or San Diego, you don’t have to look any further than Linda Moore!