A recent report by DataQuick, a San Diego-based real estate solutions company, indicates that the real estate situation in southern California is not boding well. In the month of November alone, home sales dropped by 10.4 percent across an entire six-county region, including Riverside County. The president of DataQuick found the performance to be “underwhelming.” He believes the two primary factors behind the trend to be low inventory and a reduction in consumer confidence due to the recent debt ceiling debacle on Capitol Hill.
A DataQuick analyst said, “There’s demand out there, but for a variety of reasons, Southern California did not see home selling that was commensurate with the level of demand.”
Not a single county in Southern California was spared from a year-to-year drop in sales in November. The Southland has shown signs of decline since 1988 when DataQuick started keeping track of the statistics.
Ventura County showed the worst numbers: home sales dropped 16.5 percent from November 2012. San Bernardino County fared the best; however, it still reported a decline of 7.6 percent.
The government affairs director with the Southwest Riverside County Association attributes the decline in home sales to consumer wariness. He believes that variables, such as increased mortgage rates and new federal loan limits, are discouraging potential homebuyers from making the leap.
During such unpredictable times, it is easy for potential homebuyers to feel anxious and stalled from making a decision. It does not help that real estate considerations are often quite complex and any mistake can have long-term consequences. However, with the help of the reliable Orange County real estate attorneys at McFarlin LLP, you can make an informed decision that is backed by sound legal counsel. Please call us today at (888) 728-0044 to learn more about your options.