2012 Predictions About Davis Real Estate
Posted by carolyn in Davis Real Estate Market on January 30th, 2012
This is a little late because January is almost over but here are my predictions about Davis Real Estate in the upcoming year.
- Inventory will remain relatively low. People who don’t have to sell their homes will likely keep them off the market.
- The rental market will see a slight increase in vacancy rates. The vacancy rates (meaning the number of rental properties that are not occupied) have been very low for years in Davis. However with UC Davis providing some additional housing through West Village and with housing prices falling dramatically in areas surrounding Davis this will create a slight increase in available rental housing.
- Interest rates will stay low throughout 2012.
- Although rates are low some buyers will stay on the fence because they think prices will fall more than rates will rise.
- There will be some distressed sales in Davis (short sales and foreclosures) but as in the past several years, they will not make up the majority of home sales.
Thinking about 2012 predictions – nearly the entire list would have been true for 2011. Sellers likely will feel prices are not strong enough and buyers sitting on the fence that prices are too high. Buyers can take comfort in that there have been some motivated sellers out there and when a property is priced correctly it will sell quickly although other buyers are out there and sometimes this creates multiple offer situations even in this market. With a relatively stable population and very little new construction things in Davis look to stay on a fairly even keel for the year.
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