Commentary: What's in Store for Housing in 2014, Part 1

[Ed Wood]

Commentary: What's in Store for Housing in 2014, Part 1

[Ed Wood]

@Mehran Kamari

TL;DR market was hot, now stalled, first couple weeks January let us know how the market will proceed.

Nov and Dec we've seen a huge pull back in Orange county. So much so over the summer we would list a property on Friday and have 10 offers Monday, if we did a open house we'd have literally 60 people through. To contrast that I did a open house first part of March and had 12 people.

We also have a real estate store in Orange and usually get 1 buyer walk in per day and that went to one in 2 weeks.

In my opinion what caused this stall is frustrated buyers tired of competing for properties and sellers who reached too high in pricing their property resulting in a stall. We experienced this first hand from our buyer pool and sellers wanting to list their properties high.

Price drops out weigh price increases these days BUT we are in the holiday season so first 2 weeks in Jan I think will answer a lot of these market questions ESPECIALLY after Jan 10 when further mortgage restrictions kick in.