Los Angeles County – The median sales price for single family homes rose 6.5% since this time last year. Even with a 12.9% drop in sales, prices have remained strong and continued to climb. Homes may sit a little longer on the market, but, there is no longer a rush on housing.
The market is correcting itself (as any free-market should) after a steady climb for the past couple of years. Although, many realtors and professional real estate players are calling this market a “buyer’s market”, many buyers disagree. According to the Los Angeles Times today, Mr. Brandon Brennan has been trying to purchase a home by making [buyer’s market] offers only to be rebuffed by seller’s who can’t even be bothered to counter-offer.
Home-sellers know that offers will come in and someone will come along with a fair market value offer. That is the offer that sellers are holding out for. Brennan finally closed on a home, eventually paying more than he had hoped, but less than the original asking price, and only beating other offers by offering to close the deal within 2 weeks.
So for seller’s I guess, I’d say it’s a seller’s market and to buyer’s I would say it’s a buyer’s market. For a market analysis of your home please give me a call at 562-433-1914 or e-mail john.wall1@century21.com. Buyer’s too – for a complete Buyer Potential Report use the same e-mail link.
