WILL 2012 BE BETTER FOR THE HOUSING MARKET ?
All Consumers seem extremely cautious these days in our economic climate and with all the foreclosure woes taking place. Is now a good time to buy or sell? What will 2012 bring.
Here is what I have seen and the things that effected our market in 2011….
2011 was “supposed” to have been a start to housing recovery. But in reality, the US economy was hit hard by many factors. These events in 2011 have left homeowners scratching their heads in hopes for better home prices. Will the prices continue to plummet? Who has that crystal ball??? Certainly no one has been right yet.
2011 was certainly a year of new adventures. Japan’s Earthquake & Tsunami, Oil Price Hikes,
Political Change on Capitol Hill, Debt Limit Ceiling & Downgrade of US Debt, the Stock Market Volatility, and the European Debt Crisis. What else could go wrong??? We have seen uncertainty and a lack of urgency put a damper on the housing market in 2011. Hopefully 2012 will be less uncertain and will show signs of urgency to buyers as current prices and mortgage rates are phenomenal and will not stay this low forever.
California Association of Realtors show the latest California median home prices as decreasing yet sales have increased in August and September. Existing sales in California a year ago were at 468,700 and the second quarter of this year, were at 487,940. Market time has only slightly increased from 50 days a year ago to 52 days this year. While for the same period, a 30 year fixed rate mortgage went from 4.35% down to 4.11%.
CAR expects sales to increase slightly in 2012 as compared to this year with a modest increase in median home prices. They expect we are albeit bouncing along the bottom for most 2011 and expect the same for next year.
So, with that being said, now is a good time to either buy or sale. Not much change expected and home ownership still proves to have an excellent tax advantage to renting. In fact in some areas, it has become easier on the pocket book to buy instead of rent and you can certainly own your own piece of California and begin building your personal wealth towards a brighter future.
If you are considering buying or selling a home in the near future, I will be happy to
explore the possibilities with you. I can be reached directly at (805) 448-1000.
Pat O’Brien
REALTOR®, e-PRO
Keller Williams Realty Coastal Valley
204 E. Enos Drive , Santa Maria, CA 93454
(805) 310-5113 office ~ (805) 448-1000 cell
email: patsobrien@aol.com
To search 1000’s of homes instantly go to
www.patobrienrealestate.com
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