Home Buying in Long Beach>Question Details

Olga Montoya,  in Long Beach, CA

Does anyone any feed back on what 2014 Real Estate market is going to look like? Home prices up or down?

Asked by Olga Montoya, Long Beach, CA Thu Nov 21, 2013

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You can have many of your questions answered by going to http://www.car.org,. Pacific West Association of Realtors and DSNews.com are also good sources of information.
2 votes Thank Flag Link Thu Nov 21, 2013
Honestly Olga, no one knows for sure. The housing market responds to so many variables - like supply and demand, mortgage rates, jobs, local economy and so on.

Even in a given city you will likely find micro-trends, where some areas so better than others. If you are interested in a specific neighborhood, watch the housing prices in that particular area. You might also note how quickly homes sell - as that is a major indication of the market.

Best of luck to you.
1 vote Thank Flag Link Thu Nov 21, 2013
TU 2U!
Flag Fri Nov 22, 2013
Thank you such a great respond well said!!
Flag Thu Nov 21, 2013
Without a crystal ball it's very hard to say. I'm in the Scottsdale, Arizona area and the market has been very good. I am hopeful that it will stay that way.
0 votes Thank Flag Link Fri Dec 13, 2013
Hello Olga,

We have seen prices increase already.
No one can tell what 2014 will hold with any real certainty, but the current trend in housing values is upward.

Kawain Payne, Realtor
Prudential California Realty
0 votes Thank Flag Link Mon Dec 2, 2013
I think they will stay the same. I had a couple of appraisal issues in the lower price range (under $300,000) if inventory stays low then it might inch up a tad. Also, depends on what the interest rate does. Happy Thanksgiving Olga ~ hope all is well with ya :)
0 votes Thank Flag Link Mon Nov 25, 2013
Hi Olga,

"Does anyone any feedback on what 2014 Real Estate market is going to look like?"

Which 2014 Real Estate market? Depending on the area one is reviewing and how a particular area is defined one may have a difference of opinion.


"Home prices up or down?"

I'm leaning towards a "Bearish wait and see" posture regarding areas within Conforming loan limits due to the uncertainty of changes coming in 2014 which you can read about here: "The Top 4 Challenges Buyers & Sellers will face in 2014!”
http://tinyurl.com/lg2n2v5

I am more Bullish on the Non-Conforming areas.

-Steve
0 votes Thank Flag Link Fri Nov 22, 2013
Olga my friend,
I have read and heard on several occasions that real estate values will appreciate on average 6% next year. So I think that we will see gradual growth in our market. My prediction on interest rates... I bet they will rise. Next summer we will be in the 5% range on interest rates.
Many more homeowners have gone into positive equity positions in the past year. Its getting better. Next year buyer confidence will be strong!
You already know me to be a positive thinker. I would like you to remind me of my comment by mid summer next year and we can see where we are at.

Best of luck Olga!

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
0 votes Thank Flag Link Fri Nov 22, 2013
The forecasts I have seen project the housing market continuing to normalize with prices rising in the low single digits. There are still many questions as to what interest rates will be and what the new 'qualified mortgage' regulations might do to housing demand.
Good luck,
0 votes Thank Flag Link Thu Nov 21, 2013
If I had to guess I would say that things will stay about the same as they are now. Low inventory, average transaction volumeThe fed monetary policy does not seem to be changing in the immediate future so rates should stay low. Prices should probably rise due to the extreme lack of inventory. Locally in Long Beach we got close to what the peak prices were in '06 but there are still plenty of people underwater. Who is really selling these days? Major life changes like death, job transfer, divorce etc. but I think most sellers don't feel comfortable moving up until there is a positive change in the economy. There was a major pull back from buyers in about June when Bernanke spoke about slowing down the bond buy program. So what will spur buyers to buy in a not so improved economy? What will cause sellers to sell unless they don't have to.

From an agent career standpoint I see many successful agents having career years and many of the average/lower producing agents really struggling. If an agent doesn't know how to generate a consistent stream of leads it will be very tough to go beyond "just getting by".

I always tell our agents that the day no home sells, we will be in trouble! Homes are still selling everyday so we all have a chance to be successful..

I find the PWR Reports to be very useful btw
0 votes Thank Flag Link Thu Nov 21, 2013
Predictions are very difficult; especially about the future.
0 votes Thank Flag Link Thu Nov 21, 2013
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