Cayucos, CA Homes For Sale - California Real Estate | BEX Realty (2024)

FAQs

Is now a good time to sell your home in California? ›

Best Time to Sell Your House for a Higher Price

April, June, and July are the best months to sell your house in California. The median sale price of houses in June 2023, was $796,400, which is expected to grow more in 2024. However, cities like Arcadia and San Mateo follow an upward trend throughout the year.

California Association of Realtors' latest report reveals single-family home sales across the state stayed flat for December 2023, while being down 7.1% from Dec 2022. The statewide median price for houses fell . 3% from November, yet is still up 4.3% from 12 months ago. Home prices follow normal seasonal pattern.

While the recent slowdown is notable, long-term trends suggest the state will likely continue to see appreciation above the national average. However, factors like interest rates, economic conditions, and housing inventory levels will significantly influence future price increases.

Real estate experts predict a continued housing shortage, and because they expect high buyer demand to keep pushing home prices up, 2024 may be an ideal time to sell. Experts also anticipate a leveling out of 2023's elevated mortgage rates, expecting rates to eventually settle around 6% – 7% in the spring.

Timing is crucial in real estate, and listing your home during the wrong month can impact a home's sale prices and the time it takes to close. Studies show that spring and summer are the best time to sell, for example, while the months of October and December are the worst.

California's median home price is forecast to climb 6.2 percent to $860,300 in 2024, following a projected 1.5 percent decrease to $810,000 in 2023 from 2022's $822,300.

Several metro areas are in the early stages of transitioning from a seller's market to a neutral setting—though homes remain expensive for most buyers.

Buying a home this year, particularly in early 2024, might mean you're able to beat the rush, as the market could get more crowded if or when rates drop further. Waiting, however, could give you more options to choose from as supply improves, along with the potential for increased mortgage affordability.

Who is buying homes in California? ›

At least two-thirds of the buyers with down payments of at least 30% aren't investors but people who want to live in the home, he said. They are professionals such as architects and Hollywood types who have saved, liquidated stock portfolios, built up equity or received help from family.

Monthly Payments for a Typical California Home Are Over $5,500. Monthly home payments assume a 30-year mortgage, 10 percent down payment, 1.1 percent property tax rate, 0.38 percent homeowners' insurance rate, and 0.558 percent private mortgage insurance rate.

New homebuyers now need to make at least more than $106,000 now to comfortably afford a 30-year home mortgage with a 10% down payment, Zillow said.

"It's a great time to sell a home in California," Jordan Levine, CAR's chief economist, told Newsweek. "About half the homes are now selling above list price once again and prices themselves are rising." Sellers are also seeing their homes spend less time on the market, the data showed.

The market sees a greater than 80% chance of at least five rate cuts from current levels by the end of 2024. Investor optimism about the economic outlook has improved dramatically from a year ago, but there's still a risk that Fed policy tightening could tip the economy into a recession in 2024.

Should I sell my house now, before there's a recession? Recessions mean belt tightening and potential layoffs. If your area is hard-hit by job losses, the number of qualified buyers will be severely limited — if you're concerned, it might be best to sell before that (potentially) happens.

The best time of year to sell a house in the United States is the spring. Homes that are listed at the end of spring and the beginning of summer typically sell faster at a higher sales price.

If your initial price was close to fair market value, a more incremental drop could do the trick — anything from 0.5 percent to 3 percent. Overall, it's best to determine ahead of time the absolute lowest price you're willing to accept, so that you can make price adjustments as necessary within that range.