The Real Estate Market continues to move forward in a positive direction. With the recession in our rear view mirrors we look forward to fewer Foreclosures and short sale transactions. Many homeowners are finding themselves back in positive equity positions. That means the number of standard or traditional sales will begin to increase and the market will become healthy once more.
In the last six months I have seen property values increase 6%-10% in some cases. In the 90815 zip code, at one time there were only five active listings available. This low inventory has caused bidding wars and ultimately raised prices. I believe that this summer the number of homes for sale will increase considerably. It is usually the busiest time of the year in Real Estate and I think that this year will be no exception. As long as the interest rates stay low, we should move steadily through the summer months.
If you are thinking about a Short Sale, time is running out. The Mortgage Debt Forgiveness Act will expire Dec 31st 2013. The usual timeframe for a successful short sale transaction is between 6-12 Months. Please call if you need more information.