Government Shutdown Induced Market Breather

Dated: 10/15/2013

Views: 1421

The housing market has been on a tear since March of 2012. We have seen substantial year over year value improvements throughout the nation and this price movement is even more pronounced in California. We expected to see some level of a slow down and with the fall market upon us and Government shutdown to stir a little fear in the mix, a slight pause is in effect.

The pace of value increases year over year is 30%+ in some East Bay cities but that appreciation level cannot be sustained. As I mentioned in previous blogs, the move up in prices in the bay area was a hyper-correction bringing us off the bottom and back to the norm of historic premiums for California real estate. This current pause in the market from my perspective is much needed and will provide for a longer term healthier market. Spring market of 2014 will be robust with much more inventory coming to market and a much better buyer / seller balance. Inventory will spike a bit more than normal due to the fact that many bay area home owners are moving above their underwater mark and now with equity can make a move.
If you have one minute and 29 seconds to spare, you can view the most recent nationwide market update from Keller Williams Realty for October 2013 on this link: Go to: http://www.EastBayPro.com/Selling.asp
Kevin R Kieffer is Broker / Team Leader for The EastBayPro Team  with offices in Danville & Walnut Creek and team members serving the entire East Bay market.

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