Redondo Beach real estate market is in transition from the buyer’s to the seller’s market. Redondo Beach home prices are increasing at a steady pace, up 4% in November compared with a year ago. We are recovering from the recession and home prices nationwide are on the rise. Homebuilder confidence is highest in 6 years. Many experts agree that housing will be the key driver of the economy next year. At the same time, interest rates remain low, currently around 3.20% for a 30 year fixed rate mortgages. These rates really have no place to go but up sooner or later. Look at it as the double incentive to buy now.
So should you buy or sell now? If you’re a prospective homebuyer or an investor, if you have cash or are pre-approved for a home loan, now is the time to buy. Prices are not declining any more, quite opposite, they are going up. Foreclosure supply is past its peak. Which way do you think prices will go? Does it make sense to buy now before prices go higher or wait until they go higher and then buy?
If you’re a property owner, does it make sense to sell now? If you can hold onto your property, if it makes financial sense, you should wait, because home prices are on their way up. If you tried seller a year to two ago and couldn’t, put it on the market now and it will sell, most probably at a higher price. If you’ve been renting your property out but don’t want to be a landlord or, if you do not have a positive cash flow, you should selling now that the prices are up.
Inventory of homes for sale on Redondo Beach is very low and available homes attract multiple offers. Since the inventory of homes is less than six months, the Redondo Beach real estate market is now considered “seller’s market”.