Determining How Long Your Home will be on the Market

There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (818) 993-1300 for a FREE home buying or selling consultation to answer any of your real estate questions.

 
How Long does it Take to Sell?

Clients have been asking me about this lately, so I wanted to touch on this subject. The good news for all my clients in Porter Ranch is that we're still in quite a seller's market. Although we're entering the spring buying & selling season, you will still be in good shape to sell.

The answer to this question is not so clear-cut because the sale of your home depends on a lot of different things. Usually it comes down to the pricing and conditioning of the house, but by and large we are seeing anywhere from 20-40 days on market here in San Fernando Valley.

A lot of people may also wonder why they are not seeing offers on their homes. Luckily, the National Association of Realtors has a good statistic for us that says if you have gotten 10 showings but 0 offers, then your home is likely to be overpriced. The NAR also says that if you go 2 weeks without a showing, you would also be overpriced. 

Being on the market for 3-5 weeks is the norm right now, but if you're priced right and your home is in good condition, then you can expect that number to decrease further. Price and condition are the 2 main factors right now, so make sure your home is priced accurately and attractively, and that your home is in great condition. Also be sure to keep track of how long you have been on the market as well as how many showing you have been going through. 

Thanks again for tuning in, and if you have any questions about this topic please feel free to contact me. If you have any other inquiries regarding real estate in Porter Ranch or San Fernando Valley, please do not hesitate to contact me either.

Expect a Hot Seller's Market in San Fernando Valley for Spring 2014

There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (818) 993-1300 for a FREE home buying or selling consultation to answer any of your real estate questions.

Is Now a Good Time to Buy?
Spring has come to us in Porter Ranch, and with that comes a flurry of real estate activity. If you're considering getting involved in real estate this year, then you need to know what's going on in our market. Let me fill you in briefly on what you can expect.

1. Rising Interest Rates: Interest has risen steadily over the past year and lenders do not foresee any lower interest rates in the future. Because of this, now is your best bet to buy a home affordably. With interest as low as it is right now, you could save yourself hundreds of thousands of dollars over the course of a 30 year loan.
2. Inventory is still very low: Even with double the amount of inventory we had last year, we are still experiencing a tremendously low amount of inventory right now. In the San Fernando Valley you need about 7,000 homes on the market to neutralize the advantage between buyers and sellers. Currently, we have around 2,700 to 3,000 homes available as we enter the spring season. 
• This means that if your home is priced right, it will likely sell right away and will probably receive multiple offers. So, if you're looking to get top dollar on your home, now would absolutely be the time to do so.
  
3. There is a land shortage: In all the areas outside of Los Angeles county, there is not much room to build new housing. We're seeing people coming from the edges of Los Angeles back into the San Fernando Valley. As a result, you have an increased buyer pool as well as increased buyer activity. This will probably only get worse as time goes on, because there is just not enough space in Los Angeles anymore.
   

So, now is actually a great time to sell and a great time to buy. Sellers will sell their homes quickly and for top dollar, and buyers can take advantage of low interest rates while they're still around.

Please contact me with any comments or questions and I would be glad to help you out in any way possible. You can contact me at (818) 720-9922 or email me at Scott@ScottWorks4u.com