Buyers’ Market Returns to Southern California as Price Cuts Proliferate
More southern California homeowners are being forced to cut their asking price in an effort to attract attention from buyers as market shifts again.
Thousand Oaks, California September 22, 2014 –
Many homeowners hoped the worst was behind them as the real estate market rebounded and a sellers’ market blossomed.
Those hopes were short-lived, though. 2014 marked a downturn in the market, and experts are predicting more of the same for 2015.
In fact, more sellers are finding they have to reduce their asking price just to be competitive and garner attention from prospective buyers.
According to a report in the LA Times, one-third of the homes on the market in Orange County had their asking prices slashed to make them more tempting to buyers who are consistently staying on the sidelines. However, the news isn’t all bad – home prices continue to rise on average, with 9.1% year-over-year growth in August 2014. This put the median price for a home in SoCal at $420,000, steep enough to be a hurdle for potential buyers. Housing inventory levels in the city of Bakersfield also grew by 1.2% with the number of closing sales dropping by almost a full percentage point. Economist Rick Sharga stated that 2015 was likely to be “another weak year for housing.” In addition to high housing prices and an ongoing shift of buyers hanging on to their money, Sharga also pointed out stagnant wage growth as another prime factor in 2015’s potential slow sales.
With that being said, homeowners looking to sell quickly but frustrated by the shift in the market aren’t without resources. Many homeowners who do not have to sell immediately have taken their property off the market to wait for a better time, reducing competition. There are also other sources of assistance to sell a house quickly.
For folks who want to sell a house fast, help can be as easy as a phone call.
“We buy real estate throughout Los Angeles, Bakersfield, Ventura and Southern California because we believe in improving our communities,” said Joshua Justiniano, of Quick Home Offers.
“We help our clients sell their real estate quickly, even in a market that may be shifting toward the buyer’s favor.”
About Quick Home Offers: Quick Home Offers local company in the business of providing customers with the best scenarios for selling unwanted, or problem property, including houses, homes, land and multifamily housing, Quick Home Offers provides real estate owners with liquidity.