How to overcome a challenging Spring housing market in Riverside

The 2023 spring real estate season is expected to bring the challenges of low supply and a lack of affordability, but buyers and sellers can still achieve their goals in spite of these obstacles! 

Take a look at these 4 tips for some help on how to do so & of course, feel free to reach out to us with any questions you may have! 

1. Consider using a rate buydown to offset higher interest rates. With mortgage rates above 6% on average, 67% of California agents expect buyers to increasingly use rate buydowns to secure a lower interest rate on a home in 2023.

2. Take advantage of lower competition when buying. With mortgage rates much higher than a year ago, 77% of California agents say their local area is a buyer's or balanced market.

3. Anticipate scarce for-sale signs. 60% of agents in California expect retirees to delay their plans to sell or remain in their current homes, keeping supply historically low.

4. Prepare your home to get the best price. 93% of agents in California say that price reductions have become more common in their local area. 49% of California agents say an increasing number of buyers are pushing back on inspection items.