Its been 2 months!

I can't believe its been about 2 months exactly from my last post. Shame on me. The real estate world needs me. So here I am. It has been an eventful 3rd quarter for me. Aside from my wife and I buying a new home, I have had one of my best quarters ever for sales - who said the real estate sky is falling?

I apologize for the absence to those of you who enjoy reading this post. I am committing to "blogging" from this day forward...at least once a week, hopefully 2 or 3 times a week schedule permitting.

Like I said, I have been extremely swamped with business this last quarter, mostly buyers, and since it has cooled down for me over the last two weeks, its time to get back to the basics.

As for the market, it really is something to behold. One moment people are making money buying and selling homes, money money money, hand over fist...Now, unless its your primary residence, nobody is buying and expecting to make a buck - at least in the near future, myself included. The run up of prices for several years, limited affordable housing, limited incomes, a media campaign to wish a bursting bubble upon us, and of course the enormous inventory of homes for sale has all but taken the last measure of air from a heavily inflated real estate market. Yes there is still some activity going on, as I noted from my own experience, but its mostly those who MUST move, MUST buy, and or are simply just positive thinkers and don't let the negativity of others get to them.

The number of homes for sale was bloated to around a 7 or so month supply, nearing at its height to about 2,600 homes for sale in Santa Clarita Valley during this summer. I am happy to tell you that the spooked sellers trying to get top dollar one by one are retreating by taking their home off the market for another day. They weren't serious sellers in the 1st place. They just caught "wind" from some TV outlet or work place water cooler conversation that prices are falling, and they thought they would get as much as they can - as soon as possible. Well when everyone is doing that very same thing, buyers in turn get a nice menu of homes to choose from, in turn making each seller compete heavily with on another spurring downward pressure on prices. . So who sold successfully? Basically the "serious" sellers sold, and on average, they were the ones who HAD to get to their "new job assignment", "couldn't afford mortgage payments", "had a baby and were outgrowing residence", etc etc etc...bottom line - they were serious about getting it sold and did what it took to do so, which normally meant listening carefully to their Realtor's advice.

No longer can you put your home on the market, and list 5-10-15% above the last one sold. To be honest, the last one's sold hardly matter with so much currently for sale, and so LITTLE in escrow - especially with prices holding steady and in some cases going down a "tad-bit". In order to sell (for you serious sellers), you must be extremely competitive about pricing, and more knowledgeable than ever about the differences in value between nearby sellers of similar product and your home. You can't over price for your "upgrades" either. A buyer these day will go for the cheaper home with same plan and no upgrades - they will just assume doing the upgrades themselves and save a buck, we have become a do-it-yourself nation you know!

Over all, this situation, has created a great buying opportunity for buyers. It's been a long time since the buyer had the upper hand, no less had a choice of 3-5 homes within on tract and no competition. The sellers are now competing for buyer business.

In the coming months, if inventory continues to decrease, this could be good news for sellers in that it creates less of a choice for the buyers who are actually out there looking. Less supply = good for seller. More supply = good for buyer.

As of today we have about 2,410 homes for sale in Santa Clarita. The buyers still have the upper hand. However, if you are serious about selling your home, team up with a Realtor that KNOWS the inventory and competition. You need a FULL SERVICE REALTOR, not a limited services/discount broker. Their goal is to get as many listings in volume as possible in order to make a profit. How can they serve your needs and give you the best advice when they are beholden to so many other sellers at the same time? You call them and get a voice mail! Its a lose lose situation. In this market, they don't end up selling your home & earn a minimal commission, and you don't end up selling your home & putting your equity in the bank!

Call me @ 661 219 2260 to discuss your potential sale or purchase. You'll be glad you did.

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