La Crescenta February 2015 Real Estate Values: A seller’s market occurs when more buyers are looking than there are homes for sale. As a result, sellers have the upper hand. Homes often sell fast, sometimes within days. Buyers may compete, which can drive prices above asking. Because demand is high, sellers have more control over the terms. They might choose cash offers or those with fewer conditions. Negotiations are limited, and buyers are less likely to ask for repairs or discounts.
Even so, pricing still matters. Overpriced homes may sit while well-priced ones attract attention. That’s why it’s essential to work with a top Realtor who understands how to price and position your home in a fast-moving market. It’s an extreme home seller’s market in La Crescenta. The absorption rate is less than 2%, even lower than last year. The average La Crescenta home is selling for more than last year (median price and average price).
La Crescenta February 2015 Real Estate Values Recap:
Realtor.com’s Chief Economist Jonathan P. Smoke says, “It’s been seven years since the housing bubble burst and foreclosures skyrocketed, but in 2015 we’ll see the end of that era. Already this year has seen a major improvement in the composition of sales—that is, there are fewer foreclosures and short sales in the mix. We are on pace for foreclosure inventories to end 2014 down more than 30%, and next year should see a slightly greater decrease as foreclosures fall to normal levels. But while these trends will be apparent nationwide, housing is still a local issue. The situation differs in every market, even every neighborhood; each has unique, long-term trends in home values, which reflect local demand and supply conditions.
