Here's what Southern California's housing market cooldown means for buyers, sellers

Abstract

Now, with mortgage interest rates on the rise, home sales are down, inventory is up and the prospect of home value declines is around the corner. If you are a buyer, you likely won't get approved for what you would have just a few months ago and may no longer be able to buy a home at all. With fewer people out home shopping, properties are staying on the market longer and giving the buyers who remain more options. Redfin data indicate that 29.6% of all homes on the market in the Los Angeles metro area had price cuts in June. A good agent can help you sell in a slow market by suggesting a fair price for home, staging it with quality furniture or employing other techniques such as video tours or 3D walkthroughs. For buyers, a good agent can also help you with strategies to get a home at a relative bargain. Some analysts say overall home values aren't likely to decline but, rather, the rate of home price appreciation will slow.