From June to July, the median home price rose 2% rising to $306,000 in Southern California according to research firm DataQuick. That’s the highest median price recorded since September of 2008. The numbers for the City of Brea were even better. The median price of a single family residence in Brea rose from $460,000 to $479,000. That’s an increase of 4.1%!
So if you’re thinking if this is a good time to pull the trigger and put your house on the market. You betcha!! This is what you call a Seller’s Market. A Seller’s Market is defined as a real estate market where there are many more home buyers than houses that are for sale. This creates demand for housing, multiple offers on homes for sale, higher purchase prices for these homes and a happy seller that just walked away with some extra cash.
So why are home values rising in the city of Brea? One reason is that buyers are coming out of the wood works because of record low interest rates and the return of banks wanting to loan people money. The other reason is homeowners are not moving or selling their home for various reasons. This has created a small inventory of homes for sale. Say 3 homes are for sale in your neighborhood. Historically there is usually 5-7. There are 6 buyers wanting to purchase a home. Because there are only 3 homes for sale and there are 6 buyers. Those 6 buyers are going to battle it out to get the sellers attention and accept their offer. The popular way to get the sellers attention is to offer a higher purchase price of the home. Sellers love it because the buyers are battling by trying to outbid each other.
Think about how this may affect you.
Current Homes For Sale in the City of Brea
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