May Statistics

The “LA Area Real Estate” iPhone application that we published has been a great hit. We have received such a great response by new and existing clients that we are actually working on an upgrade. Look for that on our website or the iTunes App Store in the coming weeks. We will also announce it here when it is ready. If you are an iPhone or iPOD Touch user and have not downloaded the application, check it here: http://www.teamgreenrealty.com/iphone_app.htm.

On to business…

The First-Time Home Buyer’s Tax Credit specifies that you need to close on a property by December 1st to qualify for the credit. If you are planning on taking advantage of this great tax break, you better get moving. The average escrow is 45-60 days in today’s market. This means that you need to not only find a place, but get it into escrow by October 1st to comfortably make the requirement.

The rest of this entry will focus on May stats.

Overall fewer houses are on the market compared to last month. Combine that with the fact that more are selling each month and we see that the overall inventory is decreasing. As many of you already know, spring and summer are the busiest high seasons in real estate. These are great indicators that our local market is picking up.

One of the things that I see when I look at these statistics is that there are far fewer expired listings in the market this month. That, combined with our increase in sales and shortened average days on market is a very clear indicator that houses are moving. Glendale continues to be one of our fastest moving local markets with the lowest average days on market of any other area at 64 days.Much of our improving market can be attributed to the credit market loosening even further. Loans are reasonably easy to get these days and there are loans available for as little as 3.5% down (VA loans can still be had for no money down).

Totals-Greater Los Angeles Area

Here is an Overall View of This Month’s Stats

Individual Locales

As you can see, this is a great time to buy or sell real estate. Let us know if we can be of service to you.
If you are considering selling, visit our free offers page by clicking here to get a free evaluation of your home. Buying or selling, if you are ready to make a move call us at 818.568.8402, or click here to contact us. We look forward to hearing from you.

Still not sold on us? See what our clients are saying about us by clicking here.

March Statistics

Spring is in the air. The weather is finally warmer, and the busiest season of the year as fast approaching. Personally and professionally speaking, spring and summer account for our most intense months of the year. It is a time for backyard barbeques, spending the day at the beach, watching the kids play softball, or rumbling through the mountains on the Harley. Whatever your favorite spring and summer activities are, it is time to get out there and have a good time. Now that we have put Old Man Winter to bed, hopefully for seven or eight months, on to business…

Spring also typically brings about a time of renewed vigor and, along with summer, is the busiest of all seasons for real estate. While we have witnessed new excitement in our local market in real time over the last few weeks, this is starting to become evident on paper as well. More on this below where we review March statistics. Speaking of papers, the front page of the Los Angeles Times a couple of weeks ago suggested that the Southland has finally reached the bottom. They are finally jumping on the Team Green bandwagon!

Our local market has stabilized and we are seeing fewer price drops. In fact, some of our buyers have even seen prices increase on some of the properties they have been tracking. The other goods news is that we are seeing properties that are in good shape and priced well flying off the shelves. These are all great signs. Have we actually hit the bottom? It is very hard to say, but I will tell you that if we are not already there, we see extremely compelling evidence that we are very close to it. Here is a summary of the most notable stats for March.

Totals-Greater Los Angeles Area

There were more sales by far in March than any other month this year. I am excited to report that there were over 350 more properties sold in March than February. On top of that Short Sales and REOs accounted for 15% less of overall sales in March than in February. This is all great news because we decreased our overall inventory and are bringing our local market back into balance. The shorter month’s supply and higher absorption rate are positive factors that are helping to right our local markets. Short Sales and REOs are also having less of an impact on pricing as we are getting them sold and off of the market. For those of you looking to take advantage of great deals on pre-foreclosures and foreclosures you need to act fast. Competition is tough and we have seen the better properties flying of the shelf in less than a week with multiple offers.

Individual Locales

As you can see, this is a great time to buy or sell real estate. Let us know if we can be of service to you.

For our Sellers: Determining the value of a home is still somewhat tricky, but the good news is that properties are moving. If you owe more than you think your home is worth and you want to find out whether or not a short sale is the right answer for you, give us a call. Our team has solid experience and we are here to help. If you are considering selling, visit our free offers page by clicking here to get a free evaluation of your home.

For our Buyers: Now is an outstanding time to purchase real estate. Interest rates are still incredibly low and prices are fantastic. Pre-qualifying for a loan is more important than ever before. While loans are easier to get than they have been in the past, properties are moving fast. This means that once you find that perfect property, you will need to act fast. Pre-qualifying will also save you headache and heartache by helping you determine how much house you can truly afford. We are happy to help you with this process.

Buying or selling, if you are ready to make a move call us at 818.568.8402, or click here to contact us. We look forward to hearing from you.

Still not sold on us? See what our clients are saying about us by clicking here.