Happy New Year everyone! Who’s excited for another year in real estate…?! In our industry, there’s always something new right around the corner, so let’s take a peek at what folks are predicting for our market here in California this year.
As many of you know, the market started to cool down around fall of 2022 and has continued on that trend since. So, what’s next? Well, in the housing market forecast recently released by the California Association of Realtors (C.A.R.), we can see three emerging themes for the upcoming year: home prices dropping, mortgage rates remaining high, and higher borrowing rates. With these trends in mind, it’s going to be important for buyers and sellers to have reasonable expectations of the market, otherwise they’ll just be putting themselves in a stalemate.
Now, the most promising of these trends looks to be the price drop in homes. According to C.A.R. the median California home price is set to decline roughly 8.8%. The prediction in price drops for the entirety of the country is going to be around 1.5%. With prices decreasing like this, 2023 might just be the year you’ve been waiting for to make a move.
Regardless of where we see the market go, the Placer Title team is along for the ride to support you and your business. With nearly 50 years of experience in the industry, we have truly seen it all here in California and we are ready for whatever comes next! Get in touch with us today to learn about how we can help with all of your title and escrow needs.