2024 Real Estate Market Predictions
Breaking News: The Real Estate Market Exploded At The Beginning of the Year!
... is this really breaking news? If you've been following these updates, I sure hope not.
To bring you up to speed on what has happened over the last couple of weeks...
- Listings that have been sitting on the market are now getting multiple offers.
- New listings that "look good" and are "priced right" are receiving tons of offers (I'm talking 20+).
- Listings that do not "look good" and are not "priced right" are still sitting.
While we aren't seeing prices go up WAY above list price like we did in 2020-2021, prices will definitely go up, at least, as long as this type of activity keeps up.
There is a lot more inventory coming to the market, which was definitely needed. The good inventory is selling, and the not-so-good inventory is sitting. Also different from 2020-2021, where everything sold no matter what (almost).
This is a sign of a much healthier market.
Sellers - Getting the most for your home is still crucial. I just saw a deal that sold that did NOT "look good" but was definitely priced right. It sold for roughly $1.55m: bad marketing, bad pictures, bad price.
It sat on the market and required a ton of price drops.
If we were to list this house today, we would be able to sell it for $1.9m (at least).
Moral of the story - Regardless of the market, your choice of agent has a massive impact on your bottom line.
For those who don't like math, this decision cost the seller over $400k. Ouch.
Buyers - Someone took advantage of the market and stole a great house.
Put yourself in the best possible position to do the same...
- Go look at the ugly listings online (hidden gems - like the story). If you're thinking, "What is wrong with this house..? - GO SEE IT.
- Get financially prepared. If you have cash, great. If you're like most people who are getting a loan, this might mean you need to actually go get pre-approved for a loan. (Your online mortgage calculator doesn't count - even ours. It's a start, not a real number)
- Keep your eye on the market. Regardless if you're looking to move right now or not, you should keep a pulse on the market. Save your search on SoCalHomesForSale.com and hit the favorite or heart ❤️ button often. You'll get updates on price drops or when it sells.
- Talk to your agent. I recommend getting your agent involved AT LEAST 12 months before you're ready to move. And if your agent doesn't want to help you because you're not ready now, it's time for a new agent.
Buying and Selling - You're in a very unique position. There are a ton of different strategies; we should talk ASAP. One of our more popular programs allows you to Buy Before you Sell, which can make life a lot easier.
Regardless of what your plans are, just by reading this you are way ahead of the competition. That is exactly why we make this type of content. We want to put you in the best position possible (whether you work with us or not).
I feel pretty strongly that by giving as much free advice as we can, it all comes back around in the end.
And having said that, if you'd like to chat about your situation, shoot us a message or reply to this email.
PS - Homeowners should keep a close eye on their property value this year. You can check yours with this link on our website.
Once you fill out the form, you'll get an automated value of your property. (you've probably seen these before).
We go a step further. After you've received your automated value, you will get a customized Market Analysis. This takes into consideration all the info you've shared with us about your home. Upgrades, location, age, and so much more. Frankly, way more than an automated valuation can do.
If you're interested in tracking your home's new value, click here.