According to the California Association of Realtors, home sales continued to increase in December. This improvement occurred in spite of fewer open houses in December and fewer sales with multiple offers. Equity sales were at the highest point since 2007, with them accounting for over 93% of total sales.
Tustin, California, February 20, 2016 (Newswire.com) - According to the California Association of Realtors, home sales continued to increase in December. This improvement occurred in spite of fewer open houses in December and fewer sales with multiple offers. Equity sales were at the highest point since 2007, with them accounting for over 93% of total sales.
The report also showed that almost 18% of homes closed above the list price, while 57% were below. Average number of offers on multiple-offer listings was 2.5, showing the market as competitive. Approximately one-third of sellers reduced their price in December.
"Buyers often become frustrated when they don't find the ideal house they're looking for,"
Amy Sims, Real Estate Agent
Another aspect of the report showcased realtors’ concerns in the California housing market. The main concern is low inventory, with reduced affordability for buyers being the second biggest concern. At the same time, almost 90% of them expect market conditions for 2016 to be on par with 2015 or even slightly better.
These numbers indicate that buyers may have to readjust their ideals when hunting for housing. Instead of looking for the dream house, they may have to search for the dream house they can afford. Amy Sims, real estate agent for Southern California, explains how buyers can find their dream property in the article, 7 Tips to Help You Find Your Dream Home.
“Buyers often become frustrated when they don’t find the ideal house they’re looking for,” says Amy Sims. “They become disenchanted with the entire process instead of learning how to adjust their expectations.”
Buying a home is an emotional decision, and the article explains how buyers can find a property they feel is their dream home. Outlined in this article are steps such as getting pre-qualified to know what price range to look in, making a list of must-haves, and shopping around to see what’s out there. With a limited inventory, which is expected to continue, buyers will need to be even more diligent in their attempt to find the dream house.
One aspect critical to buyers’ success in this kind of market is finding the right real estate agent. Buyers should search for someone who knows the area where they want to live. The agent can help buyers define their must-have list with what’s realistic and what’s available on the market. For some buyers, that may mean creating their dream house through gradual remodeling.
One of the keys, according to Amy Sims, is to know what a person must have to function in the home. Decide to focus on what can’t be changed instead of features which can be added or altered later. As the California housing market stays tight and competitive, and prices continue to rise, buyers will be forced to redefine what makes a dream house for them.
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