It peaked about 18 months ago in SoCal - then it was stagnating for a year and prices were declining. Covid came 6 months ago and what occurred is that the inventory dried up dramatically bc nobody wanted to list their houses bc where were they going to go right? Last few months - seen more inventory coming on - but problem is that we’re seeing foreclosures popping up and people losing jobs which equals more listings are coming back on - which will start the decline again going into winter as market traditionally slows down. Add covid and more foreclosures- prices are going down. In my neighborhood a seller took an offer for $80,000 less. Sure certain properties will get multiple offers- but buyers have advantages as winter comes and more foreclosures pop up. But majority prices are declining and will continue throughout this winter. But either way orchid will benefit and the divs are usually pretty good here, that’s why I’m here. Adding like you! Go orchid!
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