Home prices in the nation’s 20 biggest cities improved again in May, strongly in fact, according to the Case-Shiller index and reported here by Alejandro Lazo of the LA Times. The graphic above is a current snapshot of the median price paid in California by county — also an improvement from numbers we’ve seen in previous months.
An uptick over two consecutive months (April, May) is certainly good news. The flipside — i.e. the problem I’m seeing — is our continuing lack of local inventory. Buyers I’m working with are eager to find their house, understandable because they don’t want prices to keep going up. Yet they find themselves in a growing pool, with increased competition for the best homes, many of which are selling in multiple-offer bidding wars.
Sellers: I cannot overstate how good a time this is to get your house on the market!
If you have even considering selling, or would like to simply “test the waters,” get in touch with me here. I have a long, proven track record selling houses, and several instances where I set neighborhood records for price-earned-per-sq.-foot. I will give you a carefully considered, complimentary valuation on your property. If the numbers make sense, you can make an educated decision about what to do next. Believe me, the buyers are out there.
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Graphic courtesy of the California Association of Realtors.
A follow-up to my recent post about the shrinking “distressed share” (9/5). Alejandro Lazo of the LA Times reports that “a San Diego real estate investment firm has won an auction of nearly 700 homes owned by Fannie Mae in Florida.” How does this impact our local market? Because banks like Fannie are national entities. As they shed bad assets, mortgage lenders will seek to replenish that business in greener pastures like LA County, where the market is already well into its turnaround.
