Today I want to talk to you about house prices her in SW Riverside County. I talk with many intelligent people who see houses that have gone up by $50,000 to $100,000 in two years (In some area’s just one year) and are scared. That’s not uncommon in this market, but I can understand why people would be so terrified thinking that the market is really overpriced.
Look at the graph of median house prices in the video. According to the yellow trend line, if prices had appreciated at 4% per year since 2007, we would be almost exactly where we are today. Markets have peaks and valleys. Homeowners had equity vanish in some markets, and values have lately spiked because of the pandemic. If you think houses are overpriced and that they’re going to go down, I would disagree. I think this is the new bar that has been set.
If you have questions or concerns about the real estate market, please give me a call. I’d love to hear from you and help you in any way I can. Remember its important who you work with!