By Ray Kutylo
Signal Contributing Writer
People often ask me, “How is the market?”
Is it a buyer’s market? Is it a seller’s market?
Since mid-summer, we have seen a more balanced market, where neither seller nor buyer has the upper hand in position or negotiations.
Price appreciation has leveled off in a trend that preceded normal seasonal expectations, and interest rate increases have dampened demand somewhat.
Locally, infill construction and sales have remained steady, but like the resale market, weakened affordability and decelerated job growth is cooling demand after a sustained run-up. Comparing market segments, sales have significantly cooled at the higher price points, but the entry segment is still going strong.
Looking forward — and with the disclaimer that, if I had perfect predictive properties, my life would be very different — many of my real estate colleagues and I do not see much if any housing price appreciation going into the traditional spring selling season.
Locally, we have seen a great deal of home value appreciation over the last few years, which has brought us back to or above the low levels we saw less than a decade ago. There are, of course, many larger economic forces that impact our local housing market, including interest rate changes and job creation or losses.
Absent any sudden and drastic change, price moderation and a balanced buyer/seller market is where we are. Locally, there will continue to be steady demand, largely due to out-migration from Los Angeles, since people will want better schools for their children, less congestion and crime — and more home for their money.
Ray the Realtor® Kutylo has been a licensed Realtor since 1986, and he’s also a member of the SCV Home Team at Keller Williams VIP Properties. You can reach Ray the Realtor at (661) 312-9461 or Ray@SCVhometeam.com.
CA DRE# 00918855