Over the last couple of months, we have experienced some of the warmest months in years, but real estate trends diverged. Supply surged while demand dropped, leading to a longer expected market time, favoring buyers. Proper pricing is key as buyer activity remains subdued.
According to Steven Thomas Housing Reports, September sees rising inventory, falling demand, and longer marketing times. Unlike 2023, lower mortgage rates offer better opportunities for buyers. A stronger second half of the year is expected with these improved rates.
As we enter September 2024, the Laguna Beach real estate market presents both stability and opportunity, particularly in the context of a shifting landscape. While the summer months saw a surge in supply and a drop in demand, leading to longer market times, there are several key trends to watch that can help you make informed decisions.
Demand for Turnkey Homes
A notable trend is the growing preference for turnkey homes. Buyers, especially those relocating or investing in second homes, are increasingly seeking properties that require little to no work before moving in. This demand is driven by busy lifestyles, higher expectations for modern amenities, and the appeal of immediate rental income for investors. For sellers, this means that presenting your home in the best possible light—through pre-sale renovations or staging—can significantly boost its market value.
Impact of Interest Rate Cuts
Recent interest rate cuts have created a favorable environment for both buyers and sellers. Lower rates boost buyer confidence, increase affordability, and maintain a motivated pool of buyers, particularly in a high-priced market like Laguna Beach. This can lead to quicker sales and less time on the market. Staying informed about potential changes in rates is crucial, and working with a knowledgeable real estate agent can help you maximize these benefits.
Off-Market Opportunities
In a market with limited inventory, off-market opportunities are becoming increasingly valuable. These exclusive listings provide buyers with access to properties not available to the general public, helping them avoid competitive bidding wars. For sellers, listing off-market offers privacy and the chance to test the market without the pressure of a public listing. Partnering with an agent with deep local connections is essential to tap into these opportunities.
Conclusion
Navigating the Laguna Beach real estate market requires insight and strategy, but the rewards can be substantial. Whether you’re looking to buy, sell, or invest, understanding current trends like the demand for turnkey homes, the benefits of lower interest rates, and the value of off-market opportunities can help you achieve your real estate goals.
If you’re considering buying or selling in Laguna Beach, or want to learn more about the market, I’m here to guide you every step of the way. Contact me today to discuss how we can achieve your real estate goals together.
Interested in learning more?
Kelly Perkins
949.310.3754
kellyperkins@compass.com
For more personalized advice and exclusive opportunities, don’t hesitate to reach out. Call me for off-market opportunities and expert real estate guidance! 📞✨ 949.310.3754 or kellyperkins@compass.com
Stay tuned for more insights in my “Real Estate Made Easy” series!
