Will Spring Come Early?

Superb Mediterranean Estate in Montecito, CA

A Montecito, CA estate recently listed with Riskin Associates

An article from the LA Times this weekend showed promising signs of a healthy real estate market already taking off this year. While most markets don’t show heavy or even steady activity until the Spring each year, there is growing evidence that more buyers are already active this January. According to the article, there are more pre-approval requests from mortgage companies, higher traffic on real estate websites and more foot traffic through listings already this year than in years past. It appears that savvy home buyers are looking to take advantage of lingering low home prices and still near record-low mortgage rates early this year while they still can.

Fannie Mae reported in a survey that the majority of American’s polled expected home prices and mortgage rates to rise. The National Association of Realtors reported foot traffic at listed homes up even over the busy holiday season in December in over half of the markets nationwide, prompting their economists to predict robust sales in the coming weeks. Meanwhile inventory is still down as many sellers still believe that it’s a buyer’s market. With the jump in multiple offer situations, at or above asking price offers and more buyers flooding the market even earlier this year, sellers may find that the tables are turning in 2013.


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