After 3 years of dismal price slides in L.A. County and around the United States, there is a glimmer of hope that the national market and local LA market are slowly starting to recover. Just out today is the Case-Shiller Index report indicating that property values are up by one half percent nationally. Doesn't sound like much but after steady declines in home values (much to the despair of homesellers) even a small uptick in prices is a little ray of sunshine on an otherwise gloomy horizon.
The most activity is definitely happening at the bottom of the food chain, where homes in the under $400K range are moving rapidly. Houses above $650K are definitely moving slower, and if you are thinking of trading your home up to a pricier one in a nicer area - you can still cut fantastic deals.
One of our sellers who had initially priced his home at $1.1M has now slashed his home price to $859K and we are finally getting more than just a few looky-loos. If you need help negotiating a killer price on a beautiful home, we are happy to help.
Tuesday, July 28, 2009
Thursday, July 23, 2009
First-Time Home Buyers Despair Not
For all of you who are first-time home-buyers, (or investors looking to snap up some more great bargain properties), do not despair. While inexpensive homes are being snapped up as quickly as bacon-flavored treats at a dog park, there are more foreclosures coming our way.
While it is more bad news for those homeowners in default who were hoping to save their homes, banks are moving rapidly to accelerate resolution of these "toxic assets" by cleaning them up and getting them off their books. Today's LA Times reports that the drop in home losses is only fleeting and a precursor to what looks to be a busy fall season.
http://www.latimes.com/business/la-fi-foreclosure23-2009jul23,0,5325752.story
For some of our buyers, that will be hugely helpful as anything with four walls and a roof that doesn't leak has been selling faster than we can sign and deliver offers to realtors' doors. This is especially true for properties in the under $400K price range. Homes in the upper echelons are still sitting for long periods of time UNLESS they are priced well. Sellers who resist pricing to meet the market, find themselves chasing it painfully all the way down, down, down.
Lenders have sent out an estimated 124,562 default notices in this second quarter of 2009, so expect a flurry of foreclosures on the horizon this fall. We will be ready to rock n roll when they do.
While it is more bad news for those homeowners in default who were hoping to save their homes, banks are moving rapidly to accelerate resolution of these "toxic assets" by cleaning them up and getting them off their books. Today's LA Times reports that the drop in home losses is only fleeting and a precursor to what looks to be a busy fall season.
http://www.latimes.com/business/la-fi-foreclosure23-2009jul23,0,5325752.story
For some of our buyers, that will be hugely helpful as anything with four walls and a roof that doesn't leak has been selling faster than we can sign and deliver offers to realtors' doors. This is especially true for properties in the under $400K price range. Homes in the upper echelons are still sitting for long periods of time UNLESS they are priced well. Sellers who resist pricing to meet the market, find themselves chasing it painfully all the way down, down, down.
Lenders have sent out an estimated 124,562 default notices in this second quarter of 2009, so expect a flurry of foreclosures on the horizon this fall. We will be ready to rock n roll when they do.
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