Despite record low interest rates, historically low inventory levels, and high affordability, the California real estate market in 2014 was just, meh. On January 31 at the all-day event, “2015: Proceed With Caution!,” Bruce Norris will share with real estate professionals his predictions, research, and his blockbuster decision: Does he plan to move some of his real estate “chips” outside of California in 2015.
See www.thenorrisgroup.com/2015 for registration information.
“In December of 2012, I predicted California would see its median price increase 20% in 2013,” says Norris. “Record affordability, life-time low interest rates, low inventory, and stiff competition didn’t leave much room for any other conclusion.”
Norris says hedge funds helped fuel steep price appreciation pushing many first-time buyers and smaller real estate investors out of the mix in 2013. And as the hedge funds began moving on to other markets and rethinking their long-term strategies in 2014, California was forced to find new footing in a very manipulated market.
“Questions I started asking going into research included: Is it time to exit California? Are California price increases over? Will interest rate increases cause market declines in 2015? Will construction finally emerge? Will real estate professionals be able to make a living in real estate in 2015 and beyond?” queries Norris.
A real estate consultant, investor, and educator for the past 30 years, Norris has generated a huge following based on his consistently accurate real estate forecasts. Norris’s latest predictions are contained in a 290-page report titled “2015: Proceed With Caution!” which provides in-depth analysis and guidance for both novice and professional real estate professionals targeting California’s perplexing real estate market.
Norris will present his findings during an 8 a.m. to 5 p.m. workshop, Saturday, January 31, at the Riverside Convention Center in Downtown Riverside.
Norris publicly predicted the sub-prime lending and foreclosure crisis in January of 2006 in his report, “The California Crash,” more than a year before the nation’s leading economists and real estate industry analysts would even acknowledge the possibility of a downturn. Norris also correctly forecast the real estate boom that began in 1997 and the subsequent doubling of home prices in his report “California Comeback,” which he released in 1997.
He regularly interviews lenders, economists, builders, and other housing experts on his weekly real estate radio talk show, which airs at 6 p.m. Saturdays on KTIE 590 AM in San Bernardino. Podcasts and transcripts of Norris’s radio interviews can be accessed through his company website, www.thenorrisgroup.com. Reporters seeking interviews with Norris should contact Aaron Norris at (951) 780-5856.