Summer is almost over, or is it really? With the coastal marine layer extending its "June Gloom" run well into what should now be the dogs days of summer, it leaves many wondering, will it finally make that long awaited appearance? We all hope so, in fact, normally the best summer coastal weather and beach days appear in September. The kids are back in school, the vacation crowd has receded from our shores, leaving wide-open beaches, short traffic free commutes (unless you are on the 5 freeway these days) and much shorter waits at all the local restaurants. Finally!
As we reorient our focus to winding it all down and resuming our "normal" schedules, there are those who have been in the trenches trying to capture that elusive "Steal of a deal" short sale, foreclosure, bank owned home or the ever-increasing equity sale. The challenges have been many as of late, the prices, as predicted, have not only turned the corner, but we have realized substantial, actual gains in the local real estate markets. Talks of bubbles, unheard of just a year ago, are now back in the discussion. Now that interest rates have also changed direction and are well on their way off historical lows, it has many either reaching deeper into their pockets and having to settle for that home that only last year, was $75,000 less. OUCH!
A quick look at some data shows us this to be true. A quick look at Scott Grannis' Calafia Beach Pundit and his July blog post, it shows a nice shot of where we were and where we may be headed
http://scottgrannis.blogspot.com/2013/07/housing-prices-firm.html
Scott's article mentions that home prices seem to be slowing, and not necessarily because of the traditional easing at the end of the summer, but that factors such as the perceived large run up in home prices and talk of bubbles have buyers rethinking the timing. That and of course the largest run up in interest rates in as many years. See the chart below.
Even with this latest run up in rates, there are still great deals to be had. The big picture tells us it is still a great time to refinance that old 5% plus rate or purchase that first time home. Whether you are trading up or down, now just might be the perfect time while the prices take a brief pause. If you have been thinking of selling to take advantage of the market, it is time. Get your home listed and exposed out into the market to get it sold well before the end of the year.
You can check market activity and search for homes for sale at www.MJDavisProperties.com or check out recent sales and stats using this interactive link Coastal OC Sales Market Report
