Real Estate Outlook 2013 by Byron Meo
The Meo Group expects a strong real estate market for SFR’s in California this year. Tight inventory, extremely low interest rates and further economic recovery should continue to buoy home prices.
One of our target markets, Riverside, is currently experiencing strong pricing growth due to shrinking inventory. Currently, Riverside county has a one-month supply of residential properties for sale, which is significantly lower than two years prior. In addition, Banks continue to hold off bringing more inventory to market. Furthermore, Institutions and Hedge funds attracting investor capital, will drive prices significantly higher. since most of the buying is institutional, many homes acquired will be for rent only and not for sale. Byron Meo states, “We are seeing multiple offers, including all cash offers above market price on many homes for sale on a daily basis.”
Not only is home supply shrinking, but buyer demand is increasing. Many former homeowners, who were forced out of the market due to foreclosure back on 2008, are now ready to re-enter the buyer’s market. Hence, we believe Riverside County will continue to outperform most areas in Southern California.
By Byron A. Meo,
President and Director of Acquisitions
The Meo Group Inc