Those who are looking to purchase Huntington Beach real estate in 2014 are expected to have less competition than they did in 2013, according to the Multiple Listing Service. In fact, for the past few years, homes in Southern California were being snatched up by investors who were paying in cash and over-bidding on homes. Due to a 21.3 percent rise in the median home price in Orange County and a decreasing supply, the competition is thinning out and more homes are being sold to those in need of a primary residence.
After a surge in home values in Southern California, the prices remained fairly stagnant for the last few months of the year. With an expected 7 to 11 percent home value increase throughout the year, home buyers can rest assured that competition from investors and flippers will likely subside.
“Home prices aren’t soaring anymore but they’re also proving to be sticky,” DataQuick President John Walsh said. “The price jumps we saw earlier this year were driven in large part by the supply-demand mismatch. This spring could bring a substantial surge in inventory as more homeowners look to cash in on higher values. If that happens it’s going to make big price jumps less likely.”
According to DQNews, the year-over-year sales volume for homes in Southern California in November decreased by 10.4 percent, and the median home value increased by 19.9 percent. The market is expected to be on the upswing through 2014 and mortgage rates are still low. As long as new home projects get underway, the forecast looks promising to potential home buyers in the region.
Interested in purchasing Huntington Beach real estate? As a local real estate agent, I am here to assist you in your search of finding your dream home.