The small city of Glendora has long been a popular bedroom community for those who work in the greater Los Angeles area. Residents of Glendora get the best of both worlds: a short drive to the city while being able to live in a less hectic and far less crowded place.
Glendora real estate has experienced much of what the rest of the nation has endured over the last few years. The short supply of homes and the relatively high demand have made median home prices surge, to the frustration of many buyers but much to the delight of sellers. If you are looking to buy or sell in this popular California market, knowing the current trends, prices, and available inventory will aid you in your transaction. Let’s see what local experts have to say about Glendora.
The current national market and its impact on the regional real estate market
While the local real estate markets can be different from one another, they all take cues from what is happening nationally. Home prices hit their record high
in June 2022, prompting the Federal Reserve to continue hiking interest rates. The rate increases did their job, as market analysts revealed that median home prices dropped for the first time year-over-year in April 2023. But while overall home closings were down by double digits, median home prices began to rise again months later.
The still-short supply of homes is paired with the high demand for them, resulting in what analysts are forecasting as a new record in median home prices on the horizon.
How does this impact Glendora real estate directly?
Glendora is currently a seller’s market
Buying a home in Glendora will mean paying more than the national median price. This market is also higher than the state average in California.
The median home price
in this community is currently $828,000. The data shows that homes in Glendora have appreciated
over 95% in the last 10 years, which puts this city in the top 30% in this category.
The market trend in Glendora continues to favor the seller and will likely do so for the foreseeable future. Morningstar
predicts that the Federal Reserve will begin to cut interest rates in February 2024. If this prediction holds true, the demand for homes in Glendora will further increase, leading to even higher median home prices.
Inventory in Glendora will likely tighten further over the next year
While there are homes for sale in Glendora at any given moment, they tend to stay on the market for a short time. The demand for homes in this city makes inventory move very quickly. Getting a home in Glendora means a strong need for an experienced real estate agent, particularly if you are looking at investing in a luxury property.
With interest rates expected to drop early next year, look for the supply of homes in Glendora to tighten even further. Until the supply of homes is equal to the demand for them there, this market trend will keep the market leaning toward sellers.
What to expect in Glendora as a buyer
If you are considering buying Glendora real estate, you might be hesitant. With interest rates higher than they’ve been in over a decade, you could think that waiting until the rates drop will save you a lot of money. The reality, however, is that hesitation could very likely cost you a lot more throughout the loan.
Median home prices will likely continue to rise, particularly if analysts are correct that interest rates will begin to drop in early 2024. If rates drop, there’s an excellent chance that demand will continue to increase. The already short supply of available homes in the Glendora real estate market will tighten even further, increasing median home prices.
Buying a home today means getting a property before its value rises again. This means almost instant equity in the house (if what market experts say is correct). Additionally, you can refinance the mortgage when and if rates drop. Getting a home for less today and being able to refinance it at a lower rate is a definite win-win for buyers.
How you should proceed in Glendora as a seller
As a seller, you might be tempted to list your property without the help of a real estate agent. You might think that if the seller’s market is this favorable to you, you would save a lot of money on commissions. Studies, however, paint a different picture.
Using an agent will likely yield double digits more at closing than you would if you listed it for sale by owner. A professional agent knows how to market a property to the most qualified buyers, sometimes leading to multiple buyers trying to outbid one another for the same property.
Also, selling your home in Glendora with an agent will save you a lot of time and stress. Professional agents have the marketing ability, negotiating savvy, and contacts to get you to a swift and stress-free close.
The next step when you’re ready to buy or sell
Buying or selling a home in any economic environment should be carefully thought out. With an experienced local real estate expert on your team, you’ll find that these transactions are executed much more smoothly and yield a far better deal than you would likely secure on your own. If you are considering property in Glendora, look for the agents at BR Real Estate
to professionally guide your transaction. Consider a consultation with them today.*Header photo courtesy of Shutterstock