March 2011 Market Update for Santa Clarita

http://paris911.com/marketupdate How is the Santa Clarita Real Estate world doing this March of 2011? Well we are up and down, it is a good time to buy and it is a good time to wait. It is also a great time to sell and a great time to hold off selling. - Funny thing is that no one knows. This is what I am seeing, inventory in the Santa Clarita Valley Re-Sale world is dwindling - Buyers are getting very frustrated due to a lot of the inventory is in Short Sale - But the banks are not as willing as you might think to let the short sale's get negotiated. We have short sales that have been approved,. the buyer walks, and the bank, two months later, when we obtain another offer, is very reluctant to submit to the market still being in a decline and the home needing another appraisal. They don't order another appraisal with the new offer - they are going with the price established in the past - then the new buyers appraiser goes in and devaluates the home below the list price - about 11 - 15 %. The brakes go on from the bank and the buyer get's upset at the process, losing confidence. It might not be your agent's fault - so ask them what is going on and tell them you need to be kept in the loop. There is so much going on in the market - We are in that sweet spot with a bit of a slow period during the transition of winter to spring. - it will pick up, interest rates will continue to incline - not too fast - but enough to keep the buyers motivated. We will probably hit rock bottom about 1.2 years from not - Mayish of 2012 - the decline between now and them for homes under 450K in our market will be nominal - in the Higher ranges, more dramatic. Whew...

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