What’s Happening in Real Estate?

I thought I’d share some observations from the last 2 weeks- not my usual droning on with facts and stats- just some observations.

Fewer Low Priced Homes

The lower priced market for single family homes is drying up.  I’ve been looking at this opportunity-rich environment in all the areas of Glendale and Above the 134 and I’ve gone from seeing lots of new listings each week under $450k to very few.  The ones that do come on the market often receive multiple offers.

I’ve also noticed a great awareness among the buyers in this price range of the $8,000 tax credit for new and returning home buyers.

The Mid-Tier is Starting to Move

This price range varies in each area, but it is loosely from $650k-$850k.  I’ve notice a more than a few pretty stale properties in this range going into escrow recently.  Are they selling near their list price?  Dunno.  But they ARE selling.

High End is Stagnant

Prices are not being lowered and buyers are not making offers.  It’s a standoff and no one is blinking.  There are a couple of signs of movement in La Canada and I know that a few of the the higher end sellers in Glendale will “deal” if they get an offer, but it’s a game of chicken at the moment.

Realtors are Twitting about lots of new listings coming

Twitter is the place to go for breaking news about new listings and “smokin’ hot deals”. ( Ok, I’m the only nerd who twits about those. Follow me!) .

Everyone I know is about to debut great new listings in the next few weeks.  This is largely seasonal, but a breath of fresh air nonetheless.

What does all of this mean?

That, my chitlins, is for you to deduce.  What opportunity is right for you?  Tell me!