Rising demand from home buyers and limited supplies of for sale homes triggered a seismic shift in California’s housing markets in 2013. After a prolonged downturn, prices rose and the pace of sales quickened, returning sellers to a power position. Sellers in red hot markets enjoyed multiple offers and bidding wars. The upturn was evident throughout much of the state with high-cost markets in Northern California posting some of the strongest recoveries.
Rising prices helped to re-float homeowners whose mortgages had been underwater, leading to a dramatic shrinkage in short sales and bank foreclosures as a share of total transactions and equally impactful expansion in the proportion of equity sales. Construction of new homes resumed at a measured level.
Concerns about large-scale bulk purchases of rental houses proved unfounded as a C.A.R. survey found three-fourths of real estate investors were mom-and-pop type owners of 10 or fewer other additional properties. Sixty-four percent of investor buyers who’d worked with a Realtor said they planned to keep their property for at least a year. Those who said they intended to resell their property within that time frame comprised just 36 percent.
One dark side of the market swing was a proliferation of pocket, or so-called off-market listings which threatened to harm real estate’s multiple-listing systems and long established practices of of cooperative home sales. Please visit my website http://www.JohnnyBrooksHomes.com for helpful tips on selling or buying a home, scan my informative blog and easy access to view local area homes for sale in Davis, California and the surrounding communities.