Glendale Real Estate Values July 2015: Glendale homes continue to sell quickly. The average price per square foot of sold homes is the highest in a year. Although the number of homes sold has increased, the absorption rate for the last two months has hovered below a two-month supply of listing inventory—no wonder Glendale real estate values are rising!
Glendale Real Estate Values July 2015 Recap:
Only May found the average Glendale home selling over the asking price. It is more important than ever for home sellers to list their homes slightly below market price. This drives the price up through multiple offers and overbids.
In real estate, herd mentality happens when people make decisions based on what others are doing instead of their own needs. Buyers may rush to make offers just because others are buying. They fear missing out, even if the price is too high or the home isn’t the right fit. Sellers do it too. They might list their homes simply because their neighbors did, not because it’s the right time for them.
This behavior can lead to bidding wars or even inflated home prices. As a result, people may overpay or act too quickly. While it’s smart to watch market trends, it’s even more important to stay focused on your own goals. Trust the data. Make decisions based on your situation, not just the crowd.
