I have been selling homes in Eagle Rock for 20 years, and I have never seen the inventory so low!
This is really incredibleâ€”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 !) Â 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!
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?Â 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, itâ€™s still a great deal in the big picture view.
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 Iâ€™ve experienced this year and Iâ€™m sure every other Realtor who has sold a home in 2009 can, too.
Do you have a place to move to? Itâ€™s very difficult to buy and sell at the same time now. In fact, itâ€™s always stressful unless you have the cash to buy first, close escrow, then sellâ€”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 donâ€™t quickly find what you want. Sellers are not very willing to sell to buyers with a contingency.
Â If you can say yes to these questions and are ready to start packing, let me know!