C.A.R. FORECAST CALLS FOR PRICES TO LEVEL OUT AND SALES TO RISE IN 2009
October 16th, 2008 categories: Our Market
Home prices throughout most areas of California will post declines next year, while sales of existing homes will continue to rise in 2009, according to C.A.R.’s “2009 California Housing Market Forecast,” released today during CALIFORNIA REALTOR® EXPO 2008 (www.realtorexpo.org), running through Thursday, Oct. 16 at the Long Beach Convention Center in Long Beach.”The current uncertainty about the financial system and economy is likely to persist over the next several weeks, and could extend into next year,” said C.A.R. President William E. Brown. “Our forecast assumes that the financial system will begin to show signs of stabilization late in 2008 and into early 2009.”
Those who are in the market currently in Southern California are finding it’s not easy to land a deal today as there is a lot of competition, particularly for homes priced at or below median values. Demand is quietly ramping up and we expect to see a slow migration into the higher price ranges so long as deals still represent a good value for the buyer.
California Real Estate has long been a high priced and valuable commodity. Today it very well may represent a golden investment opportunity for those looking to own property in the Golden State. International investors have an even better opportunity to maximize their investment dollars with the current exchange rates in our currency. As the dollar strengthens this anomaly will disappear but for those who are ready to take advantage of todays market, timing is good indeed.
