March Sales Statistics
in La Crescenta, La Canada & Surrounding Areas:
|Area||March Sales||% Change from March 2007|
|La Crescenta Homes||18||-30.77%|
|La Canada Homes||9||-47.06%|
|Shadow Hills Homes||0||-100%|
|Glendale – Rossmoyne Homes||12||-29.41%|
|Glendale – Chevy Chase/Glenoaks Cyn Homes||8||-66.67%|
|Foothills & No. Glendale Total||61||-55.15%|
These numbers are preliminary. As you can see sales are still down very dramatically. Many different forces are at work. Loan availability – the sub-prime and other banking issues have severely limited loans over $417,000. Recent changes in the rules will alleviate this a little – but only a little and only until the end of the year. The large number of foreclosures is creating a lot of confusion in the market place. Home buyers are often reluctant to make a decision until the last moment. This often results in multiple offers. Then, when the house with all the offers sell, the remaining buyers get back onto the fence until the next “great” deal. Foreclosures often have low price tags but just as often come with a lot of deferred maintenance and or damage.
And, uncertainty breeds uncertainty.
What this means, of course, is that this is a very diffiuclt time to sell a home – it’s a buyers’ market.
It’s worth pausing and considering that phrase – “Buyers’ Market”.
The shortage of buyers is producing much lower prices. This, together with low interest rates (for those who can qualify under the new rules) is producing some very good value for a buyer.
If you have considered a real estate investment – pay attention – you may have an opportunity sooner than you thought.