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A lot of clients have been asking me about what they can expect in 2014 for South Los Angeles and North Orange County Real Estate, and in order to forecast correctly, I'm going to do a short recap of 2013.
What we Saw in 2013
Prices rose significantly last year. Inventory was also so low that homes were receiving multiple offers and consistently selling above listing prices. Buyers were removing appraisal contingencies and anything else they could do just so they could buy a home. When Interest Rates rose midway through 2013, it cooled down the market somewhat. When cost went up as interest rates rose, demand slowed and people were much more conservative in pricing their properties.
What to Expect in 2014
Most experts predict to see a much more conservative appreciation in 2014 because of rising interest rates (although we're still experiencing the lowest rates in nearly 50 years). A low amount of inventory will help to raise prices, but expect prices to cool down overall.
If you know someone who wants to move up into a larger home, now would be a good time to do so with interest and prices looking to take a hike in the near future. The same goes for first-time home buyers - the time to buy is now.
You can contact me at (562) 316-2915 or email me at melinda.elmer@gmail.com
Thanks for watching!
