For more than 60 consecutive months, home prices in Southern California have been on the rise. For instance, over the past five years, condo prices have increased by about 76 percent in Los Angeles and Orange counties. Residential real estate prices in this part of the state are expected to continue to go up in the near term as well, which means homebuyers or home sellers in San Francisco may benefit from taking action in the real estate market now.
Several industry analysts and economists recently stated that they believe that home prices in the southern part of California will not be dropping anytime soon. In fact, the prices may keep going up for a couple more years and maybe longer. In addition, they mentioned that the real estate market is not yet in a bubble.
Luxury homes -- ones that are valued at a minimum of $2 million -- might currently be at their peaks in terms of value. Moving forward, there may be an oversupply of the listings of these properties. Meanwhile, nominal house prices are around 18 percent below their particular price peaks.
For homebuyers in San Francisco who may be interested in purchasing new property in San Francisco, Southern California or other parts of the state, now may be the best time to buy before prices possibly continue to escalate. For home sellers, now is an ideal time to sell while prices are still relatively high compared with a few years ago. An attorney can help with navigating the process of purchasing or selling residential real estate in the competitive markets of the Golden State.
Source: ocregister.com, "How high can Southern California home prices go? A lot, experts say", Jeff Collins, June 25, 2017