The media will always hype the bad news, and that can have a negative effect on the housing market. I can not stress enough how important it is to look beyond the headlines. It is also important to understand which market is being written about.
For example: CA Median Price Falls 35.3%, in May; would be the media headline used from the California Association of Realtors report released recently. That is accurate and certainly not good news.
However, if you look further you will find:
- Number six in the state for cities with the highest increase in median price for May 2008, Fullerton, at 3%!
Don’t get too excited though, depending on where in town you live, and what price point you are at, your home is likely worth less than a year ago. Also, with the low amount of units sold, we are more likely to see big swings in the median price.
Remember “Real Estate is Local”, and long term Fullerton is a great place to buy; with Troy High School, Cal State Fullerton, and other great schools, St Jude hospital and the surrounding medical centers, it is no wonder that children and grand children are going to the same Fullerton kindergarten that their parents did.