Good Morning!
Change is in the air regarding the local real estate market in the Santa Clarita Valley. Current Active Listings have remained steady in the 340 range. However the saleable inventory has declined as sellers have noticed the multiple offer and the new listings hitting the market are priced well above the previous sales of comparalbe homes in the same location. The result has been less showing, less offers and sellers holding to a price that is not warranted. Many of the homes that are selling face the problem of an appraisal. Most home buyers are either unable or unwilling to buy a home at a price above what the lender conseders to be market value.
The number one culprit, however, is the change from a distress sale market (Bank Owned Homes & Short Sales) We are now in a new economy in which equity sellers are the vast majority of the homes being sold. An Equity Seller is a home owner that has enough money to sell their home and pay their own closing costs. This is now becoming a traditional market and equity sellers are actually traditional sellers. Remember that in a traditional market homes would be on the market 3 - 4 month as sellers wait for a price that is acceptable to them. We will once again be seeing expired listings and longer days on market. We've been waiting for the good old day but the past wasn't always as rosey as we remembered it to be!
Your Friend & Realtor,
Tony Lewis * RE/MAX of Valencia
www.TonyLewis.com - tonyglewis@yahoo.com Cell - 661-510-7975
Think of Listing? Call Tony Today!
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