So after a quick trip back to England over Christmas I’m now back into the swing of things and looking forward to a productive and super successful 2016 in Newport Beach Real Estate.
England proved to be a great break where I was able to re-charge but also plan for the year ahead. I enjoy going back (this was my first trip to the UK for over 3 years), however I just can’t cope with the cold damp weather. The upside is there are lots of Village Pubs with roaring fires serving lovely Guinness!
At the start of every year I attend a number of Economic Forecast seminars. The underlying theme for 2016 is that interest rates will remain low. That’s great if you’re a buyer and looking to finance. Home prices are expected to rise but only in the 3% – 8% range. Southern California has experienced some very large appreciation periods but a more moderate climate since 2013 has brought about some calm.
Inventory levels are low right now but we do usually see an upturn as we head into Spring/Summer. If you are a Seller then now is the time to get those home improvements done so your property is the one attracting the best offers.
There is still strong Overseas Investment in Newport Beach and Southern California Real Estate in general. China remains by far the biggest investor.
Some things that might impact the SoCal Real Estate market this year:
- Market Volatility
- Growth slow down in China
- Energy Prices
- Water Shortage
- Presidential Election
- Interest Rates
There are currently a large amount of construction projects ongoing. Developers are obviously feeling confident and there appears to be an increased level of activity in residential development. People from all over the world enjoy coming to these parts for Business and Pleasure. I am lucky to call Southern California home.
If you would like to discuss Real Estate in more detail or have an interest in exploring the market then please do contact me at Ross@RossStJohnArmstrong.com or +1 949 689 1669 or visit my website http://www.rossstjohnarmstrong.com