Realtors: There Is Hope Yet for Property Broker Listings- By: John Cutts
Home buyers will eventually venture into buying properties from broker listings, according to some realtors who participated in the California Association of Realtors conference in Anaheim. Although almost all property brokers admit that today's housing market is a difficult one, they believe that opportunities are still present for real estate agents who are knowledgeable about the market.
Realtors are focusing on positive things happening in the California residential property market, although they are also not ignoring the negative ones. Some of them have stated that brokers and agents should take heart from the fact that since February 2009, average home price has risen by 20%. They emphasized the fact that the rise in median house prices has been going on now for five consecutive months, which shows that the property market mood is improving.
Market-savvy realtors have also encouraged their fellow professionals to take advantage of whatever opportunities are available, like targeting buyers who have the means to invest and take advantage of low-priced properties under broker listings. Mastering the process of selling short sales can also be an advantage, experienced realtors have stated.
Such advice can come in handy, particularly when attendees have predicted a slowdown in the economic recovery of the country, which will consequently result in further decline in residential sales for the rest of 2010. Any improvement in sales in 2011 will be minimal at best, realtors at the conference have added.
In California, less than half a million residential properties are expected to be sold for the rest of 2010, which will represent a decline of around 10% compared with the previous year. However, prices of residences are expected to pick up, particularly in the single family category. Predicted price increase is estimated to be around 11%, with next year's prices projected to rise a further 2%.
Although prices of houses are expected to rise until next year, average prices will still be lower than 2007 peak numbers by over 40%. The residential property problem is projected to last until 2013 and can go as far as 2015, depending on unexpected factors that will appear in the coming years. With a not-so-bright outlook for California housing, realtors are concentrating on a number of opportunities that the profession can take advantage of to unload properties under broker listings.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.