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Are we headed for another housing bubble?

As home prices in California continue to increase, many people are wondering if we are headed for another "bubble" in the housing market. Well, not to fear - the market analysts at Pro Teck Valuation Services just released their Home Value Forecast for the month of March, and CEO Tom O'Grady says that although home appreciation in the state has continued to rise, we are still nowhere near "bubble territory."The home value appreciation we have seen so far in the California metro areas can be largely attributed to the lack of inventory - O'Grady says that the major metros in California all have four months or less of remaining inventory. This can cause intense bidding wars, which drives the appreciation.However, Pro Teck's data has shown that a bubble doesn't occur until the market has appreciated 150% for five straight years. Los Angeles currently has the strongest market in the country (it's appreciated 48% over the past five years), but their forecasts predict that it will not reach the 2006 peak in the next five years.So don't stress! The market is still in great shape, so if you are thinking about buying or selling your home, there are plenty of opportunities on the horizon. Contact me today for a free home evaluation, or to learn more about the buying process.

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