Buyers and sellers have more confidence that the California real estate market is more balanced than it has been in a long while. With the recent announcement from the Federal Reserve that it has no plans to raise interest rates at this time, mortgage rates will stay at the lowest levels during 2014.
Home sales numbers should see an in improvement during the second half of 2014 as home buyers recognize that interest rates will likely increase at year’s end and into 2015. Primary homebuyers also realize that, at least in the short-term, home prices are not decreasing. Considering all factors, Global Point Relocation Solutions expects California home sales to run about the same as they did in the second half of 2013.
Overall, looking at all of 2014, expect an overall decrease of existing California home sales of 4.4 percent compared to the year before. However, with continued economic growth, it seems that the 2015 housing market should bounce back, and the bounce will be significant.
Global Point Relocation Solutions sees the gains in the statewide median price as less than that seen in 2013. Home price appreciation will slow further during the second half of the year, especially close to the end of the year as interest rates begin to rise. Rising interest rates, pressures sellers to keep asking prices down. The statewide median price is anticipated to rise 10 percent compared to 2013, however, a lesser growth rate is in store for 2015.
Low mortgage rates, ever-increasing rents and growth in hiring in the private market indicates great buys throughout the year. Buyers waiting for better conditions for buying a home are missing one of the best markets in California history.
Nevertheless, the Southern California housing market continues seeing a shortage of stock, luxury homeowners with homes for sale often receive multiple bids. Global Point Relocation Solutions is one of the top real estate brokers. If you are looking for homes, we have all the best listings in Los Angeles and surrounding areas. As a well-known luxury real estate broker, we bring sellers qualified buyers ready to make offers.
Buyers and sellers interested in taking advantage of the market call Global Point Relocation Solutions one of the premier Los Angeles Real Estate Brokerage Firms in the Southland. We are Southern California’s “go to” realtor for luxury homes. Our number is 562-221-0055.
Published on 2014-09-04 14:12:59
