It is no secret that Southern California’s home buyers will face fierce competition and tight inventory this spring. California’s housing market is predicted to improve in 2016, but this improvement is faced with an extremely tight housing inventory and continued high price points, which will limit or hinder the improvement, to an extent. Additionally, other changes are expected to impact the Southern California housing market, including a projected increase in the median home price of just over 3 percent, the slowest rate of price appreciation in several years, and a forecasted growth projection of the United State gross domestic product of nearly 3 percent for the year.
With a housing market as diverse as California’s, some cities and areas will obviously feel the effects of these various changes more so than others. Particularly in high demand areas, such as Southern California, where inventory is tight, the sales growth is likely to be limited by stiff competition in the market and a diminishing housing affordability.
As a potential home buyer in the Southern California housing market, what will all of this mean for you? Well, the answer is simple: consistently packed open houses, bidding wars, and rising home prices. This is pretty much what potential home buyers in Southern California have to look forward to this spring. Competition will be fierce -- and all signs point to the environment being even more fierce than the notoriously hot Southern California market.
Even the most skeptical real estate agents have admitted to seeing this craziness for themselves. One real estate agent even mentioned that her clients are having to submit an average of five offers on a property before they are successful in having their offer accepted. Furthermore, there has been increased demand from both first time home buyers and home buyers who are looking to upgrade or expand to a bigger home. And with fewer homes coming on to the market, potential home buyers are literally flooding all of the open houses available to them in Southern California.
So, as a potential home buyer in the area, what can you do? The answer is simple. Stay ahead of the Southern California housing market this spring with OpenHouseDay.com.
Here are some tips to stay ahead of the Southern California housing market:
At OpenHouseDay.com, our users are among the first to learn about open houses in Southern California. We allow our users to search our extensive database of open houses in their most desired neighborhoods or territories. Our system is easy and efficient, eliminating the wasting of time and energy that can be so common throughout the home buying process.
If you are interested in learning more about how our platform works, check out this short video that should answer many of your questions. Our registration process is quick and simple, and we have worked to streamline the entire process, from start to finish. To learn more about how we can help you find your dream home, contact us today!