There is lots going on in the California real estate market and the below infographic really highlights the big increase in new homes coming to market: up > 63% between April and September 2023. Sales are up some – but pending sales are up > 70%. Why aren’t we seeing a commensurate increase in closed sales/per day? One thing is the current lending market: credit has become tighter and we are seeing escrows ‘fall out’ over the buyer not being able to perform for a variety of reasons, including their financial situation/rates changing
Another thing we are seeing more and more is a discrepancy in the accepted offer amount and the appraisal. And in some cities, it seems there is a marked increase in homes that need work (in some cases hundreds of thousands of dollars) being listed for sale.
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