Whenever I tell someone that I’m a Realtor, the first question I get is always “How’s the market”. Since we literally live and die by the market, we usually have a pretty good finger “on the pulse” of the market. That being said “the market” is made up of so many micro-markets, it’s hard to generalize. The areas we specialize in (North San Fernando Valley, Chatsworth) tend to react slower than other markets in the area. The prices go up slower and activity slows more quickly. We had a very busy Summer, but it seems as though everyone seems to be “taking a breath” waiting to see where the economy is headed. Waiting for the Election ….waiting.
The result of this is that inventory is low. Buyers may be finding that there are fewer homes on the market. Sellers may be waiting for the “market to improve”. Sellers may not be ready to adjust their list and sales price expectations and Buyers that are “worried” about the market aren’t willing to “overpay”. This results in a stale-mate. This is not the market for the “I’m not a very motivated” Seller. The Seller who says they are willing to “Wait for right Buyer who is willing to pay for the unique and special qualities of my house” may be waiting a while.
It’s time for everyone to be realistic. We always say, “your house is worth what you are willing to sell it for and a Buyer is willing to pay for it” and only that. If no Buyers are willing to pay your price, it’s not worth that price.
Kasenos in the Community 