Hi Everyone!
Spring has sprung with patches of yellow, purple and orange wildflowers along the roadsides. The green hills are starting to turn brown because of lack of rain this year, but local gardens are flourishing. We've had our usual wild spring weather with foggy dew one day and hot Santa Ana type winds the next. This is a metaphor for the housing market locally. The fog represents the buyer's reluctance to purchase and foggy thinking due to too much media coverage on the housing market and the "burst bubble". The hot winds are seller's grandiose ideas of what they can sell their house for. Well priced homes are selling, but those that are overpriced are still languishing for a long time. The mid price range has always been the tough one for sales in a buyers market, between $600-800,000 and that has not changed. Interest rates are still great and there are "deals" out there, so sellers need to realistically price their beloved homes, and buyers need to get off the fence. Coastal properties are at a premium. Prices will go up again! Buyers who wait too long will be again priced out of the market. Think about it...
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