Weekly Market Conditions Report for Lake Balboa, CA - Dec 05, 2011
What are homes in Lake Balboa like? Lake Balboa is made up of homes with 2-4 bedrooms and 1-2 bathrooms. Many of them were built in the late 40s, early 50s and have hardwood floors, tile counters and detached garages. Over the past several decades, homeowners have made improvements to the properties including additions and new kitchens.
THIS WEEK: Only small changes since last week in the market in Lake Balboa. The best one is the median listing price is up another $10,000. Two weeks ago it was $309,900. The market action index went down slightly from 19 to 18.3.
The index measures how fast things sell verses how many houses are up for sale. Below 30, it’s a buyers market, above 30 and it’s a seller’s market.
The market is showing signs of stability. Inventory is decreasing, but only because some people still think it's not smart to list during the holiday season. (Which I disagree with). Inventory will surely pick up in the spring.
IS IT A GOOD TIME TO BUY? The answer to that is YES! If you're a first time homebuyer, I'd encourage you to get pre-approved for a loan and start looking ASAP. Investors are out in force and they will scoop up all the good deals quickly so you can't wait around. Also, the economy is beginning to improve. Job growth is a good way to determine if interest rates are going to go up. Even though the goverment may claim that they're going to keep them low, if job growth begins to get strong, interest rates will go up. Don't miss out on the lowest rates in recent memory!! If you feel like you can't qualify for a loan, meet with a lender to determine some simple steps you can take to repair your credit. Economists at the California Association of Realtors predict that lending standards will begin to ease up in 2012. So start fixing your credit now to be poised for action in the near future. Your life is in your hands. Make your move. Search Lake Balboa Homes right now!
This is my fourth week doing market reports for Lake Balboa and I have determined that the market doesn't change much on a weekly basis. I'm going to now begin to rotate areas. Next week I will do a market report for Encino, then after that, Tarzana, then Sherman Oaks, then back to Lake Balboa. Hopefully this will meet the needs of the buyer and sellers of the area. As always, let me know if there is something you'd like me to feature by simply commenting on this blog or e-mailing me.
**All stats sourced from Dilbeck Real Estate Real Living.