Riverside/Inland Empire - State of the Neighborhood Address
Predictions, Prognostications and Predilections
Lying in the midst of the Inland Empire, here in sunny Southern California, are the cities of Riverside, Corona, Moreno Valley and more. Many of us have chosen to live in the Riverside/Inland Empire based on housing prices, availability of land and the friendliness of a rural community combined with the benefits of city living. We are a unique breed of families, retirees, young people and land owners.
We were among the top of the housing bubble and plummeted to the bottom when the bubble burst; but we are a resilient group and I stand forth to claim we are in a recovery!
We have led in so many aspects of the real estate roller coaster so why should it be a suprise to anyone if we are one of the leaders out the darkness and back into a balanced market.
I predict, and keep in mind I do not have a crystal ball, that homeowners, overcome with cabin fever, will rush to take advantage of the spring selling season. Buyers, intrigued by low prices and interest rates, will continue avidly seeking to purchase a new home.
Reasons may range from downsizing, upgrading or investing but they will buy. Traditionally Californians like to move every five years or so and it's past time.
Low inventory levels are pushing up the prices - supply vs demand. More sellers will have equity and can now list their homes at better prices, actually netting a profit enabling them to move onto a next home be it a larger home, smaller home or investment purchase.
I predict we are in the midst of the perfect storm; low prices and low interest rates however I worry we do not over-correct. The lack of inventory is driving prices as buyers are becoming desperate to purchase. Appraisals may help to control overpricing but a home is valued at what the market will pay.
Here's looking to a fantastic year in the Riverside/Inland Empire Neighborhoods!
Call me if I can assist you with pre-season selling or buying.