Real estate brokers stated that what was once a sellers market with bidding wars driving offers higher than asking prices three months back is now a buyers market.
During the pandemic, the Inland Empire was a popular housing market. Recent months have seen a drop in home sales.
Oscar Tortola is a real-estate broker who stated that homes in the metro area are longer on the market. This has caused the housing market shift towards the buyer.
“The interest rates went up, and it priced out a lot of buyers out of the homes they were thinking of buying,” Tortola said. “The serious buyers who need to get into something right now are looking out there, and they are getting deals.”
Experts such as Doreen Pottios of House X California LLC say that these deals are possible in new construction. She claimed that new homes are being built throughout the Inland Empire. This is a great opportunity for homebuyers.
“Just because it’s a new house, you get all the new features,”Pottios stated that the new windows have high energy features and are equipped with heating and cooling systems.
Redfin, the leading housing company, has painted a grim image of what might happen to some housing markets in the event that the U.S. economy enters recession.
Analysts predict that the areas with the greatest number of homebuyers in the metros during the pandemic will see the largest price drop during a recession.
Redfin lists Riverside among the most at-risk cities for home value loss.
The housing market has been on a wild ride over the past two years, and if you’re not sure where things stand now, you’re not alone. Real estate agent Matt Templeton breaks down what to expect if you’re looking to buy or rent and how to get the best deal.
Tortola believes it wouldn’t be as dramatic as the 2008 situation, when those who weren’t necessarily qualified to buy homes bought them.
“The Inland Empire lost about 50%, but things are much different now than they were back then,” Tortola said. “The market was being driven by loans that were zero down stated income. When 80% of homes were being bought with those types of loans, that’s what led to that situation. Everyone now qualifies for a loan.”