Is a Sellers' Market Emerging in California?

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Posted To: MND NewsWire

A sellers' market appears to be emerging in some areas in California. The California Association of Realtors® (C.A.R.) said Thursday that favorable home prices and record-low interest rates are making the market competitive to the point that nearly six of ten houses are receiving multiple offers. C.A.R. made the comments as it released results of its 2012 Annual Housing Market Survey. Fifty-seven percent of home sales featured multiple offers in 2012, the highest in at least the past 12 years. Each home that received a multiple officer received an average of 4.2 compared to 3.5 offers in 2011. Lower priced homes and distressed properties - bank-owned real estate (REO) and short sales - had more multiple offers than market sales, seven out of ten compared to one-half. Competition has led...(read more)

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