California Realtor.com® Tries to Spin Market Slowdown as "Cooling"
Is a "cooling" market just another word for a market on the decline? According to Realtor.com®, it's all about how long a listing stays on the market. But as the California sun can't seem to keep the real estate market hot, is this spin just a way to save face for the industry?
The latest report from Realtor.com® has revealed that the California real estate market is starting to cool down, with a decrease in market demand and an increase in the time properties are spending on the market. However, Realtor.com® is trying to spin this downturn as a "cooling" market, rather than a decline.
Realtor.com® uses a combination of metrics, including unique listing views and the length of time a property is listed on their portal, to determine the "hottest" markets in the country. But as the California sun can't seem to keep the real estate market hot, is this just a clever attempt to save face for the industry?
The report shows that the top five "coolest" markets in California are San Jose, San Francisco, Los Angeles, Santa Rosa, and San Diego. These markets have all seen a decrease in market demand, with listings staying on the market for longer periods of time. But according to Realtor.com®, this is just a natural "cooling" of the market, rather than a cause for concern.
One real estate agent, who wished to remain anonymous, had a different take on the situation. "It's no secret that the California real estate market has been hot for a while now, and it was only a matter of time before it started to slow down. But instead of acknowledging that, Realtor.com® is trying to spin it as a 'cooling' market to avoid any