Real Estate in Laguna Beach for 2013: A Buyers’ AND Sellers’ Market
Could 2013 be the new 2006?
Laguna Beach and Orange County are leading the State and the Nation in the recovery from the housing Recession.. Overall, California and Los Angeles have been recovering faster than the nation as a whole but Orange County is the standout.
After bottoming out in 2008, Laguna Beach prices stabilized in mid-2012. Since then, prices have risen steadily and are predicted to rise another 10% by next year. We see first time home buyers, move-up buyers and sellers that have held out for higher prices all entering the market. With interest rates remaining low, values going up and consumer confidence being high equals a winning combination.
If home prices go up another 10% as predicted that could boost sales more than any year since 2006. Low inventory of 3,161 homes currently on the market down from 8,114 homes a year ago means an all-time low reaching levels set in 2005.
Perhaps the best snapshot of how the housing recovery is doing is expected market time also known as days on the market (or in layman’s terms, how long it takes for a home listed for sale to get an offer). We started the year at 109 days; that market time now stands at 54 days.
My prediction based on my many years of experience as a Real Estate Broker and a homeowner in Laguna Beach is demand will remain strong in 2013 and appreciation will approach 10%. It is basic supply and demand with not enough sellers adding inventory for buyers trying to take advantage of the current conditions. For Sellers, increased equity makes moving up to a new home make sense, which equals a win-win for both buyers and sellers.
Laguna Beach has always been a great place to live and raise a family and it would appear to be back in style with a vengeance. Buying a home is the American dream and that dream is alive, well and living in Laguna Beach .
At Team Laguna we are always at the cutting edge of real estate knowledge and trends. Our real estate team works collectively together with this knowledge to provide unparalleled professional service and intelligent market analysis. Whereever your dreams take you in Laguna Beach, let us help you make your dreams a reality!
Hope You Found This Information Helpful!
Danielle Purcell Team Laguna Real Estate Owner/Broker 01063725 949-874-1187