The new year could be the best year in Santa Cruz area real estate in years, but the housing recovery still remains fragile and challenges remain, says Dave Liniger, RE/MAX co-founder and chairman.
Liniger recently offered up some of his predictions for the new year:
More buyers and sellers will return to the housing market.
Home sales will increase 6-7 percent while home prices will increase 3-4 percent.
Inventory of for-sale homes will hit bottom.
Higher-priced listings will begin to sell more.
The number of distressed properties will continue to drop.
The shadow inventory will fall.
Short sales will rise, reaching a peak.
Mortgage rates may rise slightly by year’s end from record lows.
Lending remains constrained for home buyers.
Home affordability remains at record highs.
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