Growth of U.S. economy tempered by housing recovery, experts say

Real estate economy in La JollaBy Joan Schultz

Economists at the University of California, Los Angeles are predicting a big comeback in the U.S. economy due in part to home sales with California setting the pace. Experts say the Golden State is slated to recover significantly as real estate sales become a larger piece of the economic pie.

The UCLA quarterly Anderson Forecast released earlier this month predicts that 2013 will be a year of significant growth and increased momentum when it comes to real estate turnover.

David Shulman, a senior economist with the Anderson Forecast added that the U.S. economy “seems poised for real growth” despite so-called head winds such as federal budget cuts that have dampened its initial outlook for the year.

“Most of the negatives will actually be negated,” he said. “It’s not an apocalypse as the president suggests.”

As for the outlook on U.S. housing, namely that of California, UCLA economists say housing will continue to increase its momentum.

“Housing led the downturn,” Shulman wrote. “It is now leading the upturn.”

So what can buyers expect in La Jolla? With a rapidly growing interest in real estate, inventory issues will start to become a factor in finding the perfect home.

What to know about real estate buying in La Jolla

Real estate inventory in La Jolla is currently low, with a pent up demand by buyers.

We are seeing 3-5 offers on a property that is well priced. Buyers are ready to move as soon as their ideal home comes on the market. Right now, we are seeing listings sell within hours with multiple offers if the property is priced correctly. Pricing correctly is the key.

Understanding how to price your home can lead to a great sales price coupled with a fast turnaround and close of escrow. One of the first steps in determining price is to locate market comparables in your area. For a free analysis of your home including market comps, give me a call at 858-551-7218.

For buyers running into inventory issues, call me and we can discuss strategies on securing the perfect home for your preferred location and budget. It all starts with a real estate agent specializing in the La Jolla area with the experience to put you in the home of your dreams.

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