Tuesday, May 13, 2008

Low Priced Homes in San Fernando Valley Selling Quickly

Single Family homes in the San Fernando Valley with a list price from $250K to $399K are selling extremely quickly. These are 3 bedroom 2 bath homes in areas of North Hollywood, Valley Glen, Valley Village, Van Nuys East, Van Nuys West, Reseda, Lake Balboa, Tarzana, Winnetka, Canoga Park, North Hills, West Hills, and Panorama City real estate.

I haven't seen this much activity for homes priced in this range for a very very long time. Bank owned homes and homes being sold by sellers with equity (not short sales) are selling extremely fast. I'm predicting the average days on the market to be no more than 18 days and have as much as 5 offers each.
These homes were priced from $500K to $650K about a year and a half ago. It's not uncommon to see a home priced at 50%-60% off its market value a few years back.

I've also heard that home-buyers can purchase a home in the San Fernando Valley with no money down. This would include applying for an FHA home loan and having the seller or bank credit 3% for the minimum down payment and another 3% for closing costs.
Be prepared for multi-offer situations if you intend on buying homes in the San Fernando Valley in this price range.
If you're a first time home-buyer, this is the perfect opportunity to buy a single family home. If you are intending on waiting for the bottom, you can expect even more competing offers and over-bidding.
Specializing in helping first time home-buyers here in the San Fernando Valley.

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