REAL ESTATE IN 2012!
Real estate has been very exciting in 2012. Unbelievable low interest rates along with incredibly affordable properties made it possible for many families to buy their first homes. The above graph shows the number of Single Family Residential sold every month in San Mateo County for the past 12 months. It was a great year for investors too as we saw numerous “All Cash” purchases on single family and multi residential. Home prices started to improve before the end of the first quarter and have continued this trend throughout this year. Many home owners, for various reasons, felt that it was a good time to sell their homes. Inventory of properties for sale remains to stay low compared to the larger demand. Sellers enjoy the luxury of receiving multiple offers and on most cases offers of more than the asking price. DOM or Days on the Market in 2012 were low compared to recent few years. Usually real estate is an indicator of how the economy on the whole will behave.
I wish that economy will advance further for all of us in the New Year. HAPPY NEW 2013!
Shokoofeh “Shokoo” Nowbakht