Part 1 of this post focused on the peak of the real estate market in 2005, longingly remembering the rush those prosperous days brought. This is certainly the antithesis of that. Our expected ‘correction’ seemed endless, leaving economists scratching their heads, save for a few who predicated the bust. But the real estate world as taken on a different face, for buyers and sellers alike, with agents and industry folks in the thick of it. We’ve all faced some tough stuff. But there are some positive things going on as well.
Last year, last quarter had the second highest sales activity, which was a little unusual. It was in part due to the ‘regular’ spring sellers moving their purchase time forward. Many of those were first time buyers, taking advantage of tax incentives and others in California were for new construction incentives. (more…)