What are your predictions for the real estate market in Ladera Ranch in 2019?
In 2018 homes prices increased 7% in California to an average price of $575,800 according to the California Association of Realtors. They're also forecasting the sales market to slow down this year with prices only increasing an estimated 3.1%. Here's what they had to say about this years market "A combination of high home prices and eroding affordability is expected to cut into housing demand and contribute to a weaker housing market in 2019, and 2018 home sales will register lower for the first time in four years, according to a housing and economic forecast released today by the CALIFORNIA ASSOCIATION OF REALTORS®' (C.A.R.)."
This year i'm expecting the market to slow down a little with less transactions occurring and homes staying on the market for longer as buyer demand wains. So what I believe we're seeing is a sellers market transitioning into a buyers market. So right now it's not a sellers market and it's not a buyers market; it's somewhere in the middle. So sellers should expect to negotiate a little more on price with buyers this year. We should also see an increase in the number of properties on the market with longer days on market.
Many analysts are expecting home loan rates to rise in 2019 as well. The Fed is expected to raise rates 2 or 3 more times throughout the year. According to C.A.R. the average for 30-year, fixed mortgage interest rates will rise to 5.2% in 2019, up from 4.7% in 2018 and 4.0% in 2017, but will still remain low by historical standards.
If you'd like a free home valuation to see what it could sell for get in contact. If your looking to sell or buy give us a call today to begin your search Scott Bingham, Realtor 949-412-3515.