According to the OC Register, in 90720, prices are up 8.7% since last year while sales are down 40%. In 90740, prices are up 12.7% while sales are down 70.6%. You can bet there is pent up demand, not just for buyers, but for sellers. Demand will put pressure on prices which will provide more opportunities for sellers. The good news is, drum roll please, move-up buyers are back! As equity positions increase, more people will be looking to take their profits and move into a nicer, larger home. These buyers are key to a sustained recovery in the housing market. Fewer investors seeking bargains will also help home owners find new homes because the two types of buyers won't be competing with each other. RealtyTrac expects another 8.3 million home owners to have at least 20% equity in their homes within the next 15 months. It wouldn't take too many of them to sell to help get the market back on track with decent inventory.
