The Santa Clarita real estate market is starting to change. Here’s what you need to know.
We’ve been seeing some changes lately in the market, so today we wanted to highlight a few things that you need to pay attention to, both in Santa Clarita and in the nationwide market.
Inventory is starting to rebuild, which we haven’t seen in a long time in Santa Clarita. Over the last five to eight years, we were hovering in the range of 300 to 500 homes as far as inventory was concerned. Right now, we have about 650 active homes on the market. At the same time, 330 homes have sold in the last 30 days, so the market is still healthy and normal.
As our inventory rebuilds, and should interest rates continue to tick up, this will knock out purchasing power for certain buyers. At this point, there’s only one thing for sellers in the market to do: be more competitive. In most cases, if the buyer pool starts to thin out, sellers need to be more competitive. Homes just aren’t selling as quickly as they have been.
In addition to this, we are seeing homes that are upgraded and priced right moving quickly and often selling with multiple offers. A lot of “experts” are saying that the market is going to start pulling back in the next year, while others are saying that we have another five to seven years of growth because of the economy.
At this point, we won’t know if the market has pulled back or not until three months after it has happened. What we do know is that it’s always important to have a game plan in place. Whether that is using the equity in your home to invest, possibly moving out of the area, upsizing, downsizing, and what options you have and what upgrades you can do.
No matter what your situations is, we’d love to work with you to develop a game plan. There’s no reason to panic right now, but it’s always important to have a contingency plan. If you have any other questions in the meantime, don’t hesitate to give me a call or send me an email anytime. I look forward to hearing from you soon.
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