There has been much hubbub about how buyers feel with market conditions. The California Association of REALTORS completes a survey every year asking buyers the questions, “Will prices increase in the next 5 years?” and “Will prices increase in the next year?” and the numbers from the last few years are quite interesting.
In 2013 the optimism of home buyers were at their highest levels in the last 5 years. Approximately a third of buyers thought that home prices would be higher. Similarly, close to 2/3 of buyers felt that numbers would increase in five years. This is important because it shows how buyers feel like they will have equity in the homes the currently purchase in the upcoming years – and why they feel they should buy now.
If you’d like more information on the San Fernando Valley or Los Angeles, or to have help looking for your next home, please feel free to reach out! I’m happy to help, no obligation.