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10/17/09 -
Just a quick note about pricing. The news paints such a strange picture. We all need to remember that the news is motivated by politics, and likes to propogate fear. Wa also need to remember that the news, when talking about housing, is usually talking about things on a NATIONAL scale. It doesn't reflect a local market. Here's a good example, nationally home pricing rose 1.5% last month... in Corona, however, we saw about a 10 - 15% increase in pricing.
Why??
Low inventory... yup... I know it's hard to believe because everywhere we drive, we see real estate signs in the air. What we're seeing is, typically, a ton of short sales (which are not short lasting... they take about 5 - 6 months, on average to complete). These homes are not really for sale, since the seller can't make a decision without waiting those several months for the bank to approve or deny the sale (yes... deny).
So what are we left with?? That leaves us with repos and standard sales (where the owner has equity). With the recent moratorium on foreclosures, we have (at least in our area) a lack in inventory. This has cause multiple bids (30 are not uncommon), overbidding, which means lots of competition. The banks and equity sellers are pricing low and letting competition set the final price.
To get ahead of ths curve you need an advocate. My VIP Buyers get an advantage on the market. Become a VIP buyer and get the home (and service) you deserve.
If you're shopping for a home and want to get into one, with no competition, take a look at this great house on Flamingo Drive, in Corona Hills.
Good Luck out there.... and let us know how we can be of service! |
