Today's L.A. Times headline was Southland Home Prices Surge, but Sales Plummet. Hey, welcome to my world! Click here for the article. Here are some of the article highlights:
"The market for high-dollar homes is hopping, with
sales on the rise and buyers launching bidding wars. But sales of low- to
medium-priced homes have plummeted during the same period — with many potential
buyers priced out.
Housing affordability is really taking a
bite out of the market," said Leslie Appleton-Young, chief economist for
the California Assn. of Realtors. "We haven't seen this issue since 2007."
and
"...declines came even as sales of high-end homes
increased. Sales of homes costing $800,000 or more grew 12%, while sales of
homes costing less than $500,000 fell at twice that rate.
So if it seems like a case of "the rich and the rest," it is.
If you are even remotely considering selling your home in the next two years, it's a good idea to start your preparations now. Nobody knows how long this market will last. Please call me to discuss the procedure, your home's value, and the near future.
Judy Graff's sublime-to-the-ridiculous (well, mostly ridiculous) take on real estate for east San Fernando Valley and North Los Angeles communities. This includes Hollywood Hills, Burbank, Studio City and Toluca Lake real estate and homes for sale, and also covers Valley Village, North Hollywood, Glendale, Atwater, Highland Park, Silverlake, Sherman Oaks and other L.A. areas too. General news and musings as well.
Well if the prices are going up, I would expect real estate to decrease in sales. It is just something that is expected to happen. I just hope that real estate prices go down and back to normal again really soon.
ReplyDeleteJak Manson | http://manausa.com