Santa Clarita Valley Real estate is no stranger to recovery. In fact, we are experiencing that slow period as we transition from winter into spring. However, as with spring through summer, I would expect the Home Sales in the SCV to increase quite a bit. The buyers in our market feel a bit beat up. They are writing offers on Foreclosures and Short sales - only to be competing with investors and people writing offers that exceed the list prices. Not always a game, these "offers at over property value" result in properties that won't appraise for the amount written. Free Advice: Get a good Realtor Representative on your side.
The real estate recovery appears to be picking up speed. Helping to accelerate the sales of homes is the extremely low cost involved. While home values may still drop in many areas, it appears that volume may start accelerating. The high number of foreclosed homes has pushed the prices of home very low in many parts of the country, helping to create extremely reasonable affordability.
An interesting examination of real estate sales data uncovers the fact that cash buyers are representing a large percentage (roughly one third) of the nation’s home sales. Today’s buyers market is a boon for real estate investors who are clearly seeing that the bottom is here, whether it has already hit or is close to being hit. January showed that home prices on average were the lowest that they have been in close to a decade.
It is possible to find both positive news and negative news when looking for news about real estate. As with any information real estate changes from locale to locale, but on the whole the market is seeing signs of recovery. Those who can afford to buy homes for cash and those who can acquire a mortgage are those who will not be looking back thinking if only I had bought then.