Hi, I'm John Bathurst, a top real estate agent in the South Bay, here to give you my insights on what to expect from the housing market in the coming months.
Home Prices
My forecast for home prices in the South Bay mirrors the national trend of moderate growth. The ongoing lack of inventory is the primary driver behind this. Demand remains high, and with a limited number of homes on the market, we can expect prices to continue to rise. This is good news for sellers who are looking to maximize their return on investment. However, it also presents a challenge for buyers, who may need to adjust their budgets or expectations to compete in this competitive market.
Mortgage Rates
There's some positive news for both buyers and sellers on the mortgage rate front. Experts predict that rates will see a slight decrease in the second half of 2024. This could make homeownership more affordable for buyers and help to stimulate the market. For sellers, lower rates can translate into a larger pool of qualified buyers, potentially leading to a faster sales process.
Home Sales
The housing market in the South Bay is expected to remain stable or experience a slight increase in sales activity compared to 2023. The combination of moderate price growth and potentially lower mortgage rates could incentivize more buyers to enter the market. However, the ongoing inventory shortage may put a cap on the overall sales volume.
The South Bay Advantage
Despite the competitive market conditions, the South Bay continues to offer a unique and desirable lifestyle. With its beautiful beaches, excellent schools, and strong job market, the area remains a top destination for homebuyers. If you're thinking about buying or selling a home in the South Bay in the second half of 2024, I encourage you to contact me to discuss your specific needs and goals.
Looking Forward
As we progress through the latter half of 2024, the South Bay real estate market continues to offer tremendous opportunities. Staying informed about market trends and working with a trusted real estate advisor are critical steps to maximizing your investment and achieving your real estate goals.
If you're considering buying or selling a home in Manhattan Beach, Hermosa Beach, Redondo Beach, Palos Verdes Estates, Hawthorne, Torrance, or any of the surrounding areas, don't hesitate to reach out. I'm John Bathurst with the John Bathurst Group at Compass, and I'm here to help you navigate the exciting South Bay real estate market.
Feel free to contact me with any questions or to discuss your real estate needs. Let's make the most of this thriving market together!
