In 2023, Southern California's residential real estate market is transitioning to a more moderate market, with buyers having more options and bargaining power. Factors influencing housing include rising mortgage rates, inflation, remote work flexibility and affordability challenges. Prices have decreased by 5.3%, creating an opportunity for prospective buyers. Remote work has also influenced housing demand, as residents are reevaluating where they want to live. For buyers and sellers, careful navigation of the new realities is necessary for success.
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