I recently attended a meeting of our Luxury Property Division in LA. Among many of the interesting tidbits which were shared with us was the following insight on the real estate market – where it is currently, where it will be and how long it will take to get back to “normal”.
- 2011 will be slow to start but will end the year on an up trend
- Foreclosures will be strong in 2011 – there will be more than we have seen in the past due to financial institutions previously holding back on foreclosures.
- It will take two to three years before we will truly emerge from the troubled market
- California has an over abundance of agents and there needs to be a reduction
Each area is a bit different and it appears we are fortunate here in our valley. We seem to be ahead of the curve and are doing a bit better than other areas around the state.