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What the Heck Happened to the Market?

I have been selling homes in Eagle Rock for 20 years, and I have never seen the inventory so low!

100_3776This is really incredible—there are 13 single-family homes currently on the market in the MLS in the Eagle Rock 90041 community right now, October 30, 2009. Of them, 4 are short sales, 1 is an unfinished project that has been on the market for 621 days (!), and another is new construction that has been on the market 372 days (another !)  I have been selling homes in Eagle Rock for 20 years, and I have never seen the inventory so low!

Last week, 2 homes came on the market and sold in multiple offers for considerably over asking. One property listed for $460,000 had 20 offers, 1 listed for $649,000 had 14 offers. They both sold for considerably over asking price. What does this tell you? There are at least 32 buyers who are still looking for a home right here in Eagle Rock, folks!

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If you have been thinking about moving, now could be your time. Some things to consider:

Do you have enough equity to sell for what the market brings you right now?  Those who bought or refinanced in the last 5 years may still owe more than they can get today. The reality is that the prices in Eagle Rock did drop an average of 20-25% from the peak years of 2005-2007. That house that was listed for $460,000 sold for $715,000 in 2006. So even if a frenzied buyer pays $600,000 for it, it’s still a great deal in the big picture view.

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Are you ready to accept what the appraiser evaluates on your home? Remember, the lender is the biggest X factor in the home sale transaction today. Appraisals are very difficult to negotiate, lenders are very nervous about making loans. Even buyers with great credit and 20% down payments have lender issues. I could write an entire article about the appraisal challenges I’ve experienced this year and I’m sure every other Realtor who has sold a home in 2009 can, too.

Do you have a place to move to? It’s very difficult to buy and sell at the same time now. In fact, it’s always stressful unless you have the cash to buy first, close escrow, then sell—and then you have the stress of not being sure what you will net from the sale of your home. You have to be willing to move to a rental if you don’t quickly find what you want. Sellers are not very willing to sell to buyers with a contingency.

 If you can say yes to these questions and are ready to start packing, let me know!

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