The sales data for September has been released from the Southland Regional Association of Realtors and to everyone’s surprise the numbers are outstanding.
Existing single-family home sales in the San Fernando Valley dramatically increased 81.8 percent during September compared to a year ago. 658 homes sold to new buyers last month- 296 more homes sold than last year this same time. The number of condo sales also saw an increase during September at 36.1 percent to 211 transactions- 56 sales higher than a year ago.
This may signal that we are at the bottom of the sharp decline in local real estate values that we have seen in the last 3 years. From personal experience I’m seeing much demand from buyers as they recognize that pricing of homes are at affordable levels. My buyer clients who are actively writing offers see competition from other buyers who are looking take advantage of the opportunities that the local real estate market presents. I would say 90% of my sales have involved multiple offer situations.
With that said, it may be still be too early to accurately predict whether the recovery of the housing market will be slow or fast due to the fact that the details of the legislative efforts that aim to rescue homeowners are still being ironed out. Moral of the story is that if you are looking to buy a property, can comfortably afford the monthly payments, and plan to live in the home for at least 5 years, you will most likely see appreciation in your home. The tax advantages in most cases afford homeowners monthly payments that are in equivalent to renting.
Most importantly you can take pride in saying you own your own home.For more information visit: http://www.srar.com/members/rronline/10-27-SFVsales.php
Existing single-family home sales in the San Fernando Valley dramatically increased 81.8 percent during September compared to a year ago. 658 homes sold to new buyers last month- 296 more homes sold than last year this same time. The number of condo sales also saw an increase during September at 36.1 percent to 211 transactions- 56 sales higher than a year ago.
This may signal that we are at the bottom of the sharp decline in local real estate values that we have seen in the last 3 years. From personal experience I’m seeing much demand from buyers as they recognize that pricing of homes are at affordable levels. My buyer clients who are actively writing offers see competition from other buyers who are looking take advantage of the opportunities that the local real estate market presents. I would say 90% of my sales have involved multiple offer situations.
With that said, it may be still be too early to accurately predict whether the recovery of the housing market will be slow or fast due to the fact that the details of the legislative efforts that aim to rescue homeowners are still being ironed out. Moral of the story is that if you are looking to buy a property, can comfortably afford the monthly payments, and plan to live in the home for at least 5 years, you will most likely see appreciation in your home. The tax advantages in most cases afford homeowners monthly payments that are in equivalent to renting.
Most importantly you can take pride in saying you own your own home.For more information visit: http://www.srar.com/members/rronline/10-27-SFVsales.php
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