Burbank/Glendale/Foothills Market Update

Keith reporting here from beautiful Glendale. The weather has been exceptional the last few days, and those showers we received a few weeks ago really did the trick. My grass is getting higher, and so are mortgage interest rates. If April showers bring May flowers, what do higher interest rates mean? They mean fewer buyers will qualify to purchase some of the wonderful listings currently on the market.

Just like the starwberries growing in my garden (we've got a ton of them), so is our listing inventory. So as the spring market kicks in, we are selling homes, but at a rate slower than the rate to wihich we add inventory, so as supply goes up, prices go......well, they are not going down very much. I read a great article a few days ago by Greg Wilcox, www.dailynews.com, and I finally heard a new reason why prices are not dropping. Now, I am not saying I agree with it, but at least we've got something new to consider. Wilcox writes that the buyers COULD buy, but they are not, they are waiting for prices to drop...and sellers COULD sell, but they don't want to see their equity evaporate.

My advice? Thanks for asking. If you've got to sell, then make your property look like a showrrom piece. The price it where you THINK it will sell, not above (to leave room for negotiating). If you need to buy (even if you don't...), now is a great time to purchase property. The market is a buyer's market, but well-priced and prepared homes still sell quickly.

If you'd like my complete market report, just ask for it! Keith@lacrescentavalleyhomes.com