May Market Update
New month new stats.
All cities that I share in the update, had a drop in the number of closed sales in May from April except Dana Point.
In Ladera Ranch, homes on average were still moving quickly last month (7days) but as I am looking at the MLS right now(June 5th), 13 homes have decreased their prices and on market for an AVERAGE OF 26 DAYS!!! 🤪
All the experts were talking about a shift in the Market- here it is. I am curious to see how things will look at the end of the month. Between the normal summer slump (vacations, people just enjoying the weather and family time) and the higher rates, the market has shifted.
Although rates have started to come down this past week, they are no where near the 3% that they were months ago. From talking with clients and friends, no one wants to pay these higher rates.
Sometimes you have to take the rates out of the pictures for a buyer. People are scared of the rate so the tend to not want to make any big moves. Houses prices are still going to rise. Zillow at the beginning of the year stated homes would rise on average 18% this year. Now, they have come out to say that home prices will only rise 14% instead of 18% , but thats still great and better than zero.
So if you find your dream home, and its in your budget- JUMP ON IT!!!
You may not be able to afford it in the future and when rates drop in the next year or so, you can refinance.