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3 Comments
Hi Bob,
Thank you for the informative podcast. I wanted to ask about your longer term perspective about our local San Carlos market. In your podcast, you talked about how the balance between buyers and sellers will ultimately even out, which would indicate to me that you expect prices to begin to level off somewhat. At the same time, it seems like the broader real estate market (not just markets like San Carlos) is just beginning to show real signs of price improvement, which should lift all markets, including San Carlos. How do you balance these factors and more specifically, what type of prices do you anticipate for San Carlos in, say, 2014 and 2015?
Todd
Hi Todd,
Thanks for your question. We have had over a 20% gain in appreciation in San Carlos since January. That is a pace that is just not sustainable. Eventually, frustrated buyers throw their hands up and rent, or they relocate. If interest rates slowly creep up, that would be an additional factor that would start to even out the current inequity of buyers versus sellers…..and home prices will normalize fall back to a more healthy market.
You are correct in saying that many other locations throughout the country are just starting to see their local markets turn around. How the broader recovery affects us is yet to be seen. My guess is that we return to a market where it continues to improve, but just not at the current rates of appreciation.
Thanks again for the post.
Bob
Thanks Bob for the podcast. It’s certainly very enlightening & useful!