First and foremost, Merry Christmas and a Happy New Year to you! I am a very family oriented guy so from my family to yours I wish you the best of the Holiday Season and a very successful New Year.
At the beginning of this year I made two blog posts. The first was addressing buyers and the second was addressing sellers. Both post attempted to forecast the 2013 real estate market market in Las Vegas, the Inland Empire, the CA low desert, and the CA Hi Desert. How did I do?
Buying Real Estate in 2013- You can read the post HERE. In short, I made three points in this post.
1) It will not be easy being a buyer in 2013. I was right on the money. This year I have had several clients in the Las Vegas market that have been unable to complete a purchase. Home prices have skyrocketed by more than 25%. Inventory levels bottomed out in April to less than 3,000 units available. Real Estate offices became more and more cannibalistic feeding off of each other’s listing before properties even hit the market. A direct conflict to the code of ethics we are required to follow as Realtors.
2) Financing will be more difficult in 2013. This was absolutely dead on. Get ready; there are more changes that could prove difficult for Buyers on the horizon. Not to mention the almost sure thing that interest rates will go up significantly in the next year. We started 2013 with many lenders offering below 4% fixed rates. Now most of those lenders are closer to 5%.
3) Hire the right Realtor. Again, this point was dead on accurate. With all the availability of information on the internet, you need a qualified Realtor to help you weed through the goods and bads of a home selection. Interview and hire a Realtor. Don’t just take what you get.
Selling Real Estate in 2013- You can read the post HERE. In short, I made three points in this post.
1) It’s your market, act like it. I forecasted 2013 to be a Seller’s market and for the most part, I was right on. In most of the areas I work the inventory levels helped push the price levels to near 2002 or 2003 price points.
2) This may be the last year to short sell your home. I could not have been more wrong! Sorry!!! This will most likely be the last year of the 2007 debt relief act but there are still and will continue to be plenty of opportunity to short sell your home in 2014. Last month, in the Las Vegas market, over 25% of sales were short sales! I expect to see this number again next year and the year after.
3) It’s time for Sellers to think outside the box. Missed this one also. I think I was just a little early on this forecast. I think this one will work better over the next four or five years.
I intend to post my 2014 forecast next month. I hope you will take the time to read it. As always, please call or email me with your real estate questions or concerns. I would love the opportunity to work for you.Tweet