Buyers be aware. Buyers be aware that the Lancaster CA real estate market is shifting again and it is now tipping in favor of sellers; the same is true of the Palmdale CA real estate market. Although prices are nowhere near those of the levels of 2005 they are rising and with the lack of inventory sellers are receiving multiple offers in every price range.
Market trends. Consumers that don’t regularly follow real estate trends tend to be 6 months to a year behind what is actually happening in their local marketplace and as a result are typically misinformed about their market “clout.” Some buyers are still under the impression that sellers are desperate and that there are plenty of choices of homes to purchase at below market prices. In the Lancaster, CA real estate market that is simply not the case.
Investors swarming the area. Palmdale/Lancaster is one of the most affordable cities in Los Angeles County with a median price of $140,000. Investors are swarming to the area and consistently out-bidding owner-occupant buyers by purchasing with cash, no inspection contingencies and 10-day closings.
Navigating the Palmdale/Lancaster CA real estate market. With 75% percent of the available inventory in the Palmdale/Lancaster market being either a foreclosure or a short sale buyers should start looking at least 6-9 months before they plan to move. Also, hire a Realtor who is well informed about market trends and has experience working with distressed property (i.e. short sales and foreclosures). Most of all and be patient. Even though inventory is low and competition is steep it is a great time to buy, so those buyers that exercise patience will come out on top!