California Summer Real Estate Avoids Bubble!

 

                                               Pic Credit To Sujin Jetkassettakorn 

The 2013 summer California real estate market avoided the bubble.  Property values regarding Los Angeles county real estate and Ventura county real estate are still hot, and in general property values have been aggressively soaring this spring and summer in 2013 prompting fears of another bubble ready to pop.  However in July, asking prices tapered off .03% as inventory expanded, mortgage rates rose and investor demand dipped.

For sellers of property, this may have been bad news, but to buyers and the overall market, it was a healthy trend.  The real estate market can’t sustain increased sales prices every single month.

From this time last year to now, prices of homes have rose nationally by 11%.  There are some areas that are hotter than others such as Southern California and Nevada, where asking prices are all over the place but the general trend for the rest of the country shows asking prices have regressed some.

So even though  2013 summer California real estate market avoided the bubble,  more properties should be hitting the market soon in Simi Valley, Thousand Oaks, Ventura and the San Fernando Valley so keep an eye out, make a fair offer and as always you need to be prequalified with a lender before making an offer to buy a home.  If you need any help with that let me know!

Best,

Kevin Walton

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