Wednesday, November 12, 2008

San Fernando Valley Market Update

Hi Everyone! So what is going on in the real estate market here in the San Fernando Valley?

The bottom end of the market, homes priced between $250,000 and $400,000 are selling very quickly. It's not uncommon to see multiple offers on short sale homes and bank owned homes. Expect to see bank owned homes selling within a few days.

I'm predicting that single family homes priced between $250,000 and $400,000 to bottom out by first quarter or mid 2009. What this means is that if you wait any longer, you will start to see even more home-buyers entering the marketplace and home prices rising.

I do predict home prices between $800,000 and $1.5 million to drop another 10-15% and should bottom out by 2010. What this means that waiting to purchase in mid-2009 should be a good bet.

To search for available bank owned homes visit: http://www.bankowned.la

To all the homes for sale in an area, visit: http://www.properties.la

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