2014 Southern California Real Estate Forecast

Welcome back to our video blog, this is your Realtor Torey Severino.

Today, I wanted to let you know where we can expect to see our Orange County and Palm Desert real estate market are headed in 2014. In 2013, the California real estate market was fantastic. We saw home prices increase 22%! There are a couple of factors that lead to this high appreciation. There was a great deal of speculation from investors in our market buying homes at an alarming rate. This, combined with low interest rates and our rise out of the down market from the previous years, led to a great appreciation of homes. This rise in appreciation occurred over the first 8 or 9 months of 2013.

Over the last 3 or 4 months of 2013, our market plateaued. This trend has continued in to 2014, as we are experiencing a more stable market. The market is predicted to appreciate 4% in 2014, or about a point per quarter. This will create more opportunities for buyer’s to enter the market. Sellers need to make sure that they are pricing their homes to sell as opposed to sitting on the market and becoming stale.

If you or someone you know is looking to buy or sell in Orange County or Palm Desert, give me a call at (949) 916-4988 or email me at Torey@Windermeresocal.com. Thanks and I look forward to hearing from you!