In May, 2013, Ray Wedell and the RayMaxTeam were calling for a “melt up” in housing prices for the remainder of the year. This followed positive predictions for 2012 and early-2013 which DID happen. I know of nobody else who was bold enough to state so clearly that the price trend was so strong; many home sellers proceeded to underprice their homes, not realizing the underlying strength. Note that the Raymax Team also urged caution in 2014, just as others were beginning to recognize previous years’ strength and saying it would continue (late to the party). See the Ray Wedell recent blog on Case/Shiller and “How’s The Market?” dated September 30, 2014. We are NOT predicting a continued immediate surge in real estate prices in most Northen Virginia communities.
May 27, 2013….
The March, 2013 Case/Shiller Home Price report was just released, showing a nationwide price gain of 10.9%, the largest annual gain in 7 years.
Let’s not beat a dead horse, but the RayMaxTeam is not at all surprised by the data and has been pointing out the likelihood of much higher prices month-after-month for quite some time. Case/Shiller is in many cases understating the strength of the market, and that continues to be the case. It is good to see much of Wall Street and the housing advocacy groups finally getting on board that this turnaround is real; however, what comes next could very well eclipse previous gains.
Many cities with the most devastated pricing during the housing meltdown are the ones rebounding the strongest, according to Case/Shiller. As talk in Northern Virginia about “shadow inventory”, “can you find me good foreclosures” and the like has been…
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