My continuing saga. Every buyer that does not buy believes the market is going to continue to decrease under the weight of all the bank-owned properties that are said to be coming to the market. Every seller that does not sell now is expecting the market to get better in the next year or two for no explainable reason other than their desire.
As frustrating as that can be, it is critical to look at the market stats for each area and each market within the geography (price, SFR v. condo, etc.).
Our MLS puts out a great graph that shows that in the first half of the year there have been two geographic markets, one getting better (generally south of the 10 and east of the 405 in lower priced areas) and one getting worse (generally the higher priced areas north of the 10 and west of the 405). The particular data the graph uses is Days On Market, which shows how long an average listing takes to sell. All things equal, homes selling faster will mean prices are rising, and homes taking longer means that prices are falling. That is a crude generalization, but like most generalizations it is generally true. Take a look at the graph at the link below. Of course, if you are buying in a particular area or price range the data will be different, and that's where a professional Realtor can give you statistical analysis unique to your particular needs. How can I help?
If you are interested in seeing the graph let me know and I can send you a link.
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