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Sky Minor, Real Estate Pro in Los Angeles, CA

Socal market snapshot-are we seeing a general market uptick or is it just me?

Asked by Sky Minor, Los Angeles, CA Fri Aug 8, 2008

Sky Minor wants to know! Based on what I've been tracking and writing offers on, it seems that prices are up about 8-10% from where they were at the beginning of the year. I do Real Estate in Eagle Rock, Highland Park, Glassel Park, Atwater and Silverlake and the low to mid range, especially foreclosures, are creeping upwards. Have we hit bottom?

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Recent economic developments indicate that California may be the first state to find the bottom, based on the increase in sales volume in the previous three months. In June, home sales rose for the third consecutive month, following a 30-month decline. Although approximately 40 percent of the transactions were foreclosure sales, the increase is allowing the market to stabilize by depleting some of the excess inventory. Some experts believe that once a neighborhood's median home price declines to 50 percent from the peak value that the homes in that neighborhood will no longer depreciate.

I cut and pasted this from the CAR website. We ARE on our way up!!! Of course the prices are going to be lower than they were, thats a given it doesn't take genius to know that, but sales are up! Prices are going to be low due to the foreclosures, but that is a good thing because more and more people can afford to buy.
1 vote Thank Flag Link Fri Aug 8, 2008
Probably a fake rally. I don't think you're near bottom. The crash is picking up speed. Keep an eye on financial markets. You will know when you've hit bottom, because you'll be there for many years. 8-10% price increase? LOL, like I said sucker's rally. Get them in for the second leg down--better for them to lose money than the banks. Good Luck
0 votes Thank Flag Link Fri Aug 8, 2008
I agree with you. I work with REO's and short sales and I have multiple offers of all of the properties I put on the MLS. This upkick is in part to the great work the buyers agents are doing with bringing their clients to look at all of these homes on the market. The listing agents are doing a great job on educating themselves in regards to foreclosures/short sales and pricing accordingly. We are all out there looking for business and it is finally paying off. Let's keep it positive and let's all keep up the great work!!

Good Luck!!!!!
Dyanna
0 votes Thank Flag Link Fri Aug 8, 2008
In Santa Clarita, inventory is going down and sales activity is going up. We also have been seeing multiple offers anywhere from 98% to 105% of the listing price.
0 votes Thank Flag Link Fri Aug 8, 2008
We're almost definitely not seeing a general market uptick, but there are pockets of the Southern California region that are either stabilizing or even appreciating somewhat. These are offset by continuing depreciation throughout the Inland Empire, parts of San DIego, Los Angeles and Orange County. Even where we see evidence of increasing numbers of sales, the sales prices are weak due to the incidence of bank-owned properties and short sales. Until some of that foreclosure inventory is worked out of the system, the recovery is going to be slow.

Rick
0 votes Thank Flag Link Fri Aug 8, 2008
Absolutely no way..... you can believe what you want but we have a long ways to go..... I'm a state licensed appraiser also and the numbers speak for themselves.... the amount of short sales and those just no knowing what to do will continue for some time. The people buying now need to do there homework and work with professionals that do..... or else they will join tghe long list of those over the last few years.....
Web Reference: http://www.centuryside.com
0 votes Thank Flag Link Fri Aug 8, 2008
Hey Sky,

I think we may have hit the bottom too. You never know but it does seem things are on the upswing. Let's hope we have reached the bottom.

Monique Carrabba
The Reavis Group
Keller Williams
0 votes Thank Flag Link Fri Aug 8, 2008
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