What’s in store for Orange County Real Estate and the California market in general in 2014? We had The California Association of Realtors Chief Economist Leslie Appleton Young present a ton of great market data and facts today, so we wanted to share with you!
Here are 8 quick facts about CA Real Estate:
1. REO level is at 5%. There are only 205 bank owned properties for sale in OC right now.
2. There are now only 15.4% underwater homeowners in California.
3. Foreclosure and delinquency rates are now at their historic normal level. (Big WHOOP WHOOP!!)
4. Sept median price in CA for detached homes: $428,810
5. 72% of properties from the beginning of this year had multiple offers. (This is why you need a good Realtor!)
6. 82% of investors bought & HELD. Only 18% flips in 2013.
7. There are 3.6 months of inventory supply in CA as of Sept.
8. Only 28% of buyers were first time buyers because they were outbid by all cash investors The long running average is 38%.
The big question: Will there be home appreciation or depreciation in 2014????????
Leslie predicts we will have more inventory, and sales volume will be up 3.2%. She is projecting a 6% appreciation, and mortgage rates will RAISE to 5.3%.
What does this mean for you? It’s a great time to seize the opportunity of lower prices while rates are still in the 4′s! Call us at 877-230-3211 for help and to maximize your investments!
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