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Should You Wait for the “Perfect” Real Estate Market?
Can you believe we’re already saying goodbye to August?
Tomorrow is September 1st, and somehow we’re heading into the final stretch of the year! Summer is winding down, back-to-school routines are underway, and this time of year often has us looking ahead and thinking about what we still want to accomplish before the year is over.
Real estate is no different.
As we head toward fall, one question continues to come up in conversations with both homeowners and buyers:
“Should I wait?”
Should I wait for interest rates to come down?
Should I wait for home prices to drop?
Should I wait until next year to sell or buy?
With so many headlines, opinions and predictions out there, it’s understandable to wonder whether waiting for the “perfect” market is the right thing to do.
But I think there may be a better question:
Is this the right market for ME?
Let’s take a look at what the market is actually telling us as we head into September.
Mortgage Rates Are Still a Big Part of the Conversation
Affordability continues to be one of the biggest concerns for buyers. As of August 27, the average 30-year fixed mortgage rate was approximately 6.66%.
For someone who remembers 3% mortgage rates, today’s rates can certainly be difficult to accept. But making a real estate decision based solely on waiting for a particular interest rate can also mean putting your plans on hold indefinitely.
Could rates come down? Absolutely.
Could they remain where they are or move higher? That’s possible too.
The reality is, none of us knows exactly where mortgage rates will go next.
And there’s another side to consider: if rates were to fall significantly, some of the buyers who have been sitting on the sidelines could return to the market, potentially creating more competition for desirable homes.
The Market Is Giving Buyers More Breathing Room
Here in the Inland Empire, we’re seeing signs of a market that is giving buyers more time and more choices than they had during the extremely competitive markets of previous years.
In July, homes in the Inland Empire took a median of approximately 37 days to sell, compared with 33 days in June, while available housing supply increased from 3.6 to approximately 4.1 months.
For buyers, that can mean more opportunity to carefully evaluate a property and, depending on the home and circumstances, potentially negotiate on price, repairs, credits or other terms.
That doesn’t necessarily mean it’s a buyer’s market. It means buyers may have opportunities today that weren’t available when multiple offers and bidding wars were the norm.
For Sellers, Strategy Matters More Than Ever
Today’s buyers are paying attention.
They’re comparing homes, watching prices and considering the cost of their monthly payment, not simply the purchase price.
That means pricing your home correctly from the beginning, preparing it properly and having a strong marketing strategy matter.
Homes that are priced appropriately and show well can still attract serious buyers. But when a property is priced too aggressively for its condition or location, buyers have more alternatives than they did a few years ago.
Are Home Prices Finally Coming Down?
California’s median single-family home price was approximately $887,680 in July, down 1.9% from June but still slightly higher than a year earlier.
So while we're seeing some price adjustments, we haven't necessarily seen the dramatic decline some buyers have been waiting for.
Instead, we're seeing a market that is becoming more balanced and increasingly sensitive to price, condition and affordability.
And remember: real estate is local.
What’s happening statewide, or even throughout the Inland Empire, doesn’t necessarily tell you exactly what is happening with your home, your neighborhood or your price range.
So… Should You Wait?
Maybe.
For some people, waiting absolutely makes sense.
For others, today’s market may offer an opportunity they didn’t realize they had.
Maybe you’ve built substantial equity and are thinking about downsizing. Maybe your family needs more space. Maybe you’re relocating, retiring or going through another life transition. Or maybe you simply want to know whether moving is financially realistic before making any decisions.
And after looking at everything, staying exactly where you are may be the best decision.
There is no one answer that is right for everyone.
Instead of trying to perfectly time the market, I encourage people to start with the numbers:
What is your home worth today?
How much equity do you have?
What would your next home cost?
What would your payment look like?
And most importantly, what are you trying to accomplish?
Once you know those answers, you can make an informed decision based on your life and your goals, not simply the latest headline.
Sometimes the numbers tell a very different story than you expected.
If you’ve been wondering whether you should sell, buy, downsize, move up, relocate or simply stay put, I’m always happy to sit down with you and look at the numbers.
No pressure. No obligation. Just good information so you can decide what makes sense for you.
Here’s to a wonderful week, and a great start to September!
Blessings,
Sonja Coffee
Helping you move forward with clarity and confidence.
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