California Realtors Expect Marginal Growth In Upcoming Year
SAN JOSE (KCBS) — On Wednesday the California Association of Realtors will hold their state convention at the San Jose Expo Center. But according to the group, the state housing market is only expected to improve marginally in the next year.
“I would say continued sluggishness,” predicted Leslie Appleton-Young, Vice President and Chief Economist for the California Association of Realtors. Young said the real estate forecast predicts a one percent growth in home sales next year.
KCBS’ Matt Bigler Reports:
“It’s contingent on federal policy, tax reform, future Fannie Mae and Freddie Mac. There are just so many uncertainties out there,” said Young, adding there are many opportunities with interest rates at record lows and home prices depressed. Location is another key factor.
“We’re in Silicon Valley. We’re almost in a cocoon,” said Gino Blefari founder and CEO of Intero Real Estate.
Blefari said the housing market in Palo Alto is red hot with multiple offers and all- cash buyers. While in San Benito County, he said 80 percent of transactions are short sales.
“In 2005 anyone could sell a house. Now it’s a different market,” he said.
Some 6,000 Realtors are expected to attend the expo.
(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)