We all wish we could have a crystal ball to predict the future of Real Estate don’t we? Are we at the bottom? Will prices go down further? Will interest rates go up?
Recently, the California Association of Realtors (C.A.R.) looked into its crystal ball to forecast the 2013 California housing market. It’s a good news/not so good news story.
The good news: The California housing market will continue to recover. Sales and prices will continue to increase through 2013.
The not so good news: Sales would even be higher if the inventory of homes for sale were higher. Many areas in California are experiencing an extreme shortage of homes for sale.
C.A.R. President LeFrancis Arnold noted: “Housing affordability has never been stronger – with record-low interest rates and favorable home prices, combining to create a once-in-a-generation opportunity to buy a home in California.”
Other predictions seen in the crystal ball for California in 2013 are a modest median price increase of homes, a slight increase in interest rates and a better jobs picture.
All in all a good forecast for Real Estate!!