Real estate trends in Garden Grove, CA
Today we will talk about real estate trends in Garden Grove because the housing market in Garden Grove is extremely competitive. On average, it takes about 25 days to sell a home in Garden Grove and there are five offers. Last month, homeowners in Garden Grove could expect to receive $835K on average for their sale, an increase of 7.1% annually. Prices in Garden Grove have increased by 16.9 percent annually, to $587 per square foot on average.
The housing market in Garden Grove today
The median price of a home in Garden Grove, California, was $835,500 in July 2022, up 7.1% from the same month the previous year. Currently, it takes houses on average 1 month on the market to sell in Garden Grove, up from 24 days last year. July home sales this year were 68, down from 83 a year ago. Now you can research popular home styles in CA.
Multiple offers are common for desirable homes, and it’s not uncommon for buyers to forego the standard inspection and mortgage approval processes. Properties typically go pending in about 25 days and sell usually for about 2% more than their asking price. A hot property can fetch a premium of 6 percent or more over the asking price and go pending in about 10 days. Did you see a reason to buy a house here?
Will the prices drop?
Prices for homes in most of California started to fall in June of 2022, as the real estate market began to cool. The median sales price of a single-family home in California fell by 4% from May to June, according to some data from the California Association of Realtors. So, in theory, now is a perfect time for you to invest. In all likelihood, prices will start to grow soon as you well know. California is too trendy for this to last long. If you do buy a property and decide to relocate, make sure to call Family Affair Moving.
Why buying real estate in Garden Grove can be a good investment?
We have the obvious one. The prices are a bit lower now judging by the real estate trends in Garden Grove. Since we all know that this situation won’t last very long, you will soon get a home that has a value higher than the price you paid for. Also, this is a great place to live. The schools are great, the neighborhood is nice and safe and it might be good for your family to move here. When it comes to moving in and settling in, ask pros from the area to help.
The federal funds rate is expected to drop from its peak of 3% at the beginning of 2023 to a low of 1.5% by the end of 2024. Consequently, mortgage rates and other longer-term yields should decline. With inflation on the decline, the Federal Reserve should be able to lower interest rates. This is not only in Garden Grove but we thought you should know this piece of information.