Prudential’s market data signals it’s time for buyers to act
The belief in the economic recovery among those in leadership positions has had a substantial impact on consumer confidence, as reported in Prudential California Realty’s March 2011 real estate report.
An analysis of data from a variety of reliable sources, the report indicates that a gradual recovery in the national economy will lead to a stronger housing market by years end.
Confidence among the CEOs of large companies has increased, according to the Vistage CEO Confidence Index Survey. For the first time in three years, CEOs expressed intent to hire more employees in 2011 instead of reducing their workforce.
Even though inventory levels for homes in California in conforming loan ranges are at their scarcest in years, the amount of distressed properties that will continue to hit the market will keep prices in check.
“It would take an extraordinary influx of distressed homes or a significant loss of jobs for prices to go much lower in most segments of the market,” said Mark Johnson, vice president of marketing for Prudential California Realty, Southern California.
“I’m pretty comfortable saying that five years from now, people are going to be saying, ‘If I had just bought in 2011,’” said Michael Corbett, the host of the “Mansions & Millionaires” segment on the syndicated TV show Extra.
Prudential’s monthly report features in-depth analyses and editorials about housing market data compiled by the California Association of Realtors, DataQuick and the multiple listing service. The report, which was developed to ensure consumers have the resources and information they need to make informed decisions, can be obtained by contacting a local Prudential agent. www.prudentialcal.com
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