Not much good news has passed by our ears or eyes the past 5 years. Our economy and resolve has certainly been tested. And will probably continue to be tested for the forseeable future.
During the time, I've seen our Realtor ranks diminish greatly (my estimate is 30%), the number of houses sold decrease by >25% from the market high and home values decrease by as much 30%+ in certain areas of Long Beach. It's been quite a ride. (I can't imagine the roller coaster Florida, Nevada and places like Riverside, CA have gone through. And I don't think it is fully over. The ride will continue, but at a much steadier even-keeled pace...and upward.
A really positive article appeared in a Real Estate Directory newspaper I read periodically. Backed by reputable sources (38 of the nation's leading Real Estate Economists).
They predict:
- Housing starts will nearly double
- Overall home prices will stop declining this year and increase by 2% and 3.5% in 2013 and 2014 respectively
- Rents are expected to increase for all property types
- Vacancy rates are expected to drop for office, retail and industrial properties
- With an improving economy, interest rates will rise as will inflation
All of this, of course, is predicated on (at least) steady economic growth and a stronger world economic outlook. Any major event can turn this recovery in to double (possibly triple) dip recession.
By all indications, the turnaround is going to be a slow and certainly not like the meteoric rise we experienced in the early part of the last decade. I, for one, am looking forward to more positive indications that we are back on the right track.
To learn more about what to expect in the future. Go to
Real Estate Will Rock In 2014! by
www.RISMedia.com
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Dave Harbison
Long Beach REALTOR®
Coldwell Banker Coastal Alliance
(562) 494-4600 ext 2281
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Long Beach Realtor® / Real Estate Agent
Long Beach Homes for Sale, Condos and Investment Properties
Long Beach Relocation Expert
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Labels: Belmont Heights, Belmont Shore, Bungalow, Home Value, Housing Market, Housing Recovery, Long Beach Homes, Park Estates
# posted by
Dave Harbison @ 12:39 PM
