I was recently interviewed as part of HomeLight’s first-ever California Real Estate Insights for 2023 report. The report provided exclusive insight into California market trends provided by 400+ California agents statewide.
Here are four notable insights from the report to help you navigate the 2023 market:
- Motivated buyers find a window to shoot their shot at a home — 87% of agents in California expect a balanced or a buyer’s market in 2023, giving serious buyers a new chance to claim their piece of the Golden State despite higher interest rates.
- Prices aren’t in a free fall due to low supply — In spite of reduced demand, low supply has created a semi-sturdy price floor in some California housing markets. Only 43% of agents in California say inventory is rising, compared to 53% nationally.
- Sellers can entice house hackers by advertising an ADU — California agents surveyed by HomeLight estimate that an ADU adds nearly $138,000 in resale value to a property.
- Concerns over wildfires, droughts, floods, and other natural hazards bubble to the surface of California real estate — 57% of agents we surveyed in California say that people have become increasingly aware of climate risk when deciding where to move.
To gain more insight into our local real estate market, feel free to reach out anytime.