The San Clemente Real Estate market has seen in a dramatic increase in the beginning part of 2013. During the first 6 months of the year we saw a very low inventory of homes and a high demand for buyers looking to buy. Due to this supply and demand homes prices raised significantly until the end of the summer when things suddenly changed from a seller's market to a buyer's market. One of the reasons this happened was that many buyers felt like prices went up too fast and too high. A lot of the buyers that I worked with didn't want to get trapped into another real estate bubble and were holding off until things came back down. Between August and December of 2013 that is exactly what happened. The San Clemente market saw a small dip in real estate prices and was a natural adjustment.
Many are speculating on what will happen in 2014 and if real estate prices will continue to rise. We have been gathering a lot of data and information and it clearly seems like we will start seeing a large inventory of homes coming on the market this year. Real Estate prices have gone up enough that many that were underwater now have equity and most likely will want to put their home on the market and scale down. We have been seeing less and less foreclosures and short sale listings coming on the market and this is one reason what this is occurring.
Another factor that we are watching closely are interest rates. Interest rates are speculated to go up in 2014 which will bring the buying power down for consumers. This will also slow down any rise in real estate prices as borrowers will be able to afford less as interest rates increase. Our overall trends and predictions for 2014 is that the market will continue to remain steady will a very small increase in real estate prices. Buyers will have a lot more inventory to choose from which will make more seller's be competitive when pricing their homes in order to get them sold. For those looking to purchase homes this year we recommend buying in the first couple months of the year and towards the end of summer. More seller's are motivated to sell at these times and buyers are able to get the best deals. Please contact us with any questions about the San Clemente Real Estate market and your goals for buying a home in 2014. We are here to help!