"We've turned a corner." Yesterday, I had the pleasure of hearing Leslie Appleton Young, California Association of Realtor's Chief Economist, speak at the LAX Hilton in Los Angeles. Like any good economist she used charts and graphs to update a room full of real estate agents about the economy, the housing market and how the two are intertwined. She talked about jobs, the euro, homes underwater and other players in the world economic and local housing scene.
I jotted down a few one-liners that cemented what I'm already feeling in my little hyper-local market of Palos Verds, the Beach Cities and the South Bay of Los Angeles. Although the the macro picture rarely matches the micro snapshot I found myself nodding in agreement with the following statements:
2012 Is on track to be the best year in California real estate since 2007.
The current market is offering a once in a generation opportunity to buy real estate. (prices down and low interest)
Not enough inventory is the biggest obstacle in the current market. (Sellers, now is a great time to list your home)
Realtor membership is down 29% from the height of the market. (Seasoned professionals remain ready, willing and able to help you realize your real estate goals)
California housing market is better than national market in terms of recovery. (Local and national are two very different species)
We are in a slow recovery, but recovering. (stability feels good!)
Expect small increase in prices. (supply is down, demand is up)
We're moving away from the bottom.
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