Lorelle Kitzmiller

How’s The Glendora Real Estate Market? Inquisitive Minds Want To Know!

If you are like millions of other people — you are wondering about whether it is a good time to buy or sell a home. On a daily basis, I am asked by clients, friends, and family members, “how’s the real estate market?”  I happen to love this question! My answer will always depend on whether you are wearing the hat of a:

• Seller
• Buyer and/or Investor
• Just making conversation.

In an effort to keep this post relatively simple, I have decided to direct my focus this post on Sellers.  I have also elected to use Glendora’s real estate market, from August 2009 – August 2010, as my case study.

Considering the fact that I do not own a crystal ball, I cannot accurately predict what the future has in store for us.  I can, however, share with you where the real estate market is today versus months past.

Is it a good time to list a home for sale?

The answer really depends on the Seller’s specific needs.  If the Seller has a NEED, and/or strong desire, to sell their home within the next 5 years, then my answer to them would be “YES”.

We know where the market values and interest rates are today, whereas we have no real clue as to where the market will be in 6 months, next year or in the years to come.  Today, if a property is priced competitively and marketed properly, the home will sell for top dollar.

The problem we struggle with day in and day out is the Seller’s mindset.  Too many Sellers are listing their home at a price which is higher than it’s true market value “today”.

Many of todays Sellers today purchased their homes at the “peak” of the real estate market, and don’t truly understand that the value of their home has depreciated. Just thinking that your home is worth much more than the other silmilar homes which have sold in the neighborhood– doesn’t make it so.

If a home is listed above it’s actual market value, will inevitably result in the home just sitting on the market without any offers. Whereas, if the home is priced slightly below market value it will not only result in offers being received, there is a STRONG possibility that the home will sell above the listed price.

Internet access creates savvy Buyers

Today’s buyers, thanks to the internet, are much more educated on the real estate market.  Statistics show us that 90+ of all buyers scour the internet real estate sites, for months before even beginning their phsyically viewing properties of interest. These savvy buyers have done their homework, and will avoid homes that are simply priced too high.

How does the market compare with last year?

As you will see by this graph, in August 2010 there were 34% or 43 more homes on the market than in August 2009.  Why are these numbers important to the Seller? The old saying “competition drives prices down” also applies to the real estate. Higher inventory levels give Buyers more properties to choose from…which results in lower property values.

Another illustration of competition driving prices down is illustrated by this graph. Data reflects that the average per square footage price of homes sold in December was $285  (with 96 homes for sale)versus $246.00 in August 2010 (with 169 homes for sale).

What we don’t see on these graphs is the actual number of bank owned and short sale properties (which was significant), that were sold throughout the year which directly accounted for lowering the sold per square foot value.

Sellers should take note that our supply of inventory, should begin to decline as we enter into the holiday season.   Historical data reflects that this decline is due to many Sellers, whose homes have been sitting idle on the market for months and months, tend to take their property off the market during the holidays.

Why would they do this?  Another great question!  Apparently, they don’t want to be bothered over the holidays, and believe that that relisting it after the first of the year — will magically bring forth the perfect buyer.

Do Buyers disappear over the holidays?

No, the buyers do not evaporate during the holidays. The simple truth is…that the buyers who are seriously looking to purchase a home will continue their search throughout the holiday season.

Savvy Sellers will take advantage of this past trend by placing their home on the market over to the holidays, to help increase their ability to get top dollar from the sale of their home.  Remember, that lower inventory levels will result in more money in your pocket! 

My recommendation to Sellers, who are seriously thinking of selling their home within the next year, is to take advantage of this trend and list your home before the holiday season begins. 

Bottomline, we know where the Glendora real estate market is today –tomorrow is merely speculation.

Tags: glendora, list a home, market comparison, real estate

This entry was posted on Friday, October 1st, 2010 at 5:00 am and is filed under Buyer Info. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. joseph said at January 5th, 2011 at 2:44 pm

   i like it

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