La Canada Real Estate Statistics October 2015: Each month, Harb and Co crunch the housing numbers and compile the La Canada real estate statistics. Last month (October), 20 La Canada homes closed escrow. The absorption rate is 2.20% (months). Note the sharp increase in the days on market (DOM). Due to increased lender regulations (TRID), the days of closing loans in thirty days or less are a thing of the past; expect forty-five-day escrows as the new norm. At least unitl the escrow companys and lenders get accustomed to the new regulation.s
La Canada Real Estate Statistics October 2015 Recap:
We are heading toward the Holiday slowdown. Expect to see a marked decrease in new listings. The listings remaining on the market are the ones that were overpriced or had issues with incurable defects. Incurable defects are property flaws that cannot be reasonably fixed. Examples are a poor location. Consequently, incurable defects can lower property value or make a sale difficult. Moreover, sellers must disclose these defects to buyers under most real estate laws to avoid legal disputes. Finally, buyers can identify such defects through thorough inspections, helping them make informed decisions.
The share of first–time buyers declined for the third consecutive year and remained at its lowest point in nearly three decades as the overall strengthening pace of home sales over the past year was driven more by repeat buyers with dual incomes.
