Is it time to sell?
The question is now keeping a growing number of Los Angeles area homeowners awake at night.
And there is good reason according to an article at Zerohedge.com:
Bottom Line: If 2006/07 was the peak of the largest housing bubble in history with affordability never better vis a’ vis exotic loans; easy availability of credit; unemployment in the 4%s; the total workforce at record highs; and growing wages, then what do you call “now” with house prices at or above 2006 levels; worse affordability; tighter credit; higher unemployment; a weakening total workforce; and shrinking wages?
The fact is according to a recent John Graff report,“…home sales in Los Angeles County have declined for a fourth month in a row, and the number of pending sales has dropped more than 37 percent over August numbers.”
Compared to September of last year, pending sales are down a staggering 48.9%.
Graff also notes that closed sales fell 32.7% between August and September.
Has the Los Angeles real estate market topped? We don’t have that crystal ball. But if you have been considering selling, now might be a good time to call us. Trying to sell after a bubble has burst is always problematic.
Seeing what could be indicators of a topped-out market would be a good time to look into your options and what your home might bring in.
If you have been thinking about selling, give us a call. We’ll give you the straight scoop and you can decide the best course of action.