Thursday, October 29, 2009

Is it a Good Time to Buy a Home?

Is it a good time to buy a home here in the San Fernando Valley?

That would depend.  It's hard to lump sum all buyers into one category when everyone is different, and what might be a good time for one buyer might not be for another.

If you're a first time home-buyer looking to buy a home in the San Fernando Valley, you probably have already missed the boat.  Why?  Because the number of available bank owned homes is down dramatically, and short sales homes are taking 4-6 months to close with multiple offers. 

It's important to note that the bottom end of the market, single family homes priced between $250K to $400K, has already compacted and going up in price.  In fact, I believe there are 15 buyers for every home in this category.

Homes priced between $400K to $729K are about to bottom out if not already done so. If you're a buyer looking to buy a home in the San Fernando Valley in this price range, you better move fast.

There appears some flexibility of homes priced over $729K. 

If you own a home here in the San Fernando Valley, be sure to get my market snapshot report. This free report details active and sold homes near your home in the San Fernando Valley.  Plus, you'll get updated every few weeks.

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