Lake Balboa, CA

Weekly Market Conditions Report for Lake Balboa, CA - Dec 05, 2011

What are homes in Lake Balboa like? Lake Balboa is made up of homes with 2-4 bedrooms and 1-2 bathrooms. Many of them were built in the late 40s, early 50s and have hardwood floors, tile counters and detached garages. Over the past several decades, homeowners have made improvements to the properties including additions and new kitchens.

THIS WEEK: Only small changes since last week in the market in Lake Balboa. The best one is the median listing price is up another $10,000. Two weeks ago it was $309,900. The market action index went down slightly from 19 to 18.3.

The index measures how fast things sell verses how many houses are up for sale. Below 30, it’s a buyers market, above 30 and it’s a seller’s market.

The market is showing signs of stability. Inventory is decreasing, but only because some people still think it's not smart to list during the holiday season. (Which I disagree with). Inventory will surely pick up in the spring.

IS IT A GOOD TIME TO BUY? The answer to that is YES! If you're a first time homebuyer, I'd encourage you to get pre-approved for a loan and start looking ASAP. Investors are out in force and they will scoop up all the good deals quickly so you can't wait around. Also, the economy is beginning to improve. Job growth is a good way to determine if interest rates are going to go up. Even though the goverment may claim that they're going to keep them low, if job growth begins to get strong, interest rates will go up. Don't miss out on the lowest rates in recent memory!! If you feel like you can't qualify for a loan, meet with a lender to determine some simple steps you can take to repair your credit. Economists at the California Association of Realtors predict that lending standards will begin to ease up in 2012. So start fixing your credit now to be poised for action in the near future. Your life is in your hands. Make your move. Search Lake Balboa Homes right now!

This is my fourth week doing market reports for Lake Balboa and I have determined that the market doesn't change much on a weekly basis. I'm going to now begin to rotate areas. Next week I will do a market report for Encino, then after that, Tarzana, then Sherman Oaks, then back to Lake Balboa. Hopefully this will meet the needs of the buyer and sellers of the area. As always, let me know if there is something you'd like me to feature by simply commenting on this blog or e-mailing me.

**All stats sourced from Dilbeck Real Estate Real Living.

Weekly Market Conditions Report for Lake Balboa, CA - Nov 28, 2011

THIS WEEK: Only small changes since last week in the market in Lake Balboa. The best one is the average listing price is up by about $10,000. Median prices have gone up slightly in every price range! It may not seem noticeable on some graphs that show data from the “great fall” in 2007, but it’s happening, prices are slowly moving in the upward direction! The market action index (the wha?) went up slightly from 18.81 to 19.

The index measures how fast things sell verses how many houses are up for sale. Below 30, it’s a buyers market, above 30 and it’s a seller’s market.

Why am I exclaiming that prices are going up? Well, if you’re a seller, you’re probably thinking, great, I can raise my listing price. Not so fast. Your listing price is set based on comparable sales. Ask your listing agent to re-evaluate every 30 days to see if the price should be lowered or raised. Prices are rarely “raised” but rather the home ends up selling for more because buyers offer more if they see the value and your agent has marketed it and priced it well to get multiple offers.

Home values that are creeping upward are also good for buyers. For the first time in years, you can see EQUITY in the future! Buy a home now and in a few years, your home will likely have increased in value. The market is beginning to show signs of turning around. Buy NOW while prices and interest rates are still low. Seriously. Don’t wait.

SUPPLY AND DEMAND: There are currently 110 properties for sale in Lake Balboa, which is 5 less than last week! A 5% decrease in inventory in only a week. It just goes to show, there really IS time to buy (or sell) a home amidst all the holiday dinners and shopping adventures! Want 12 more reasons? Don’t worry, buyers, there are still plenty of homes to choose from. Search Lake Balboa Homes right now!

Where are all the purdy graphs? I’ve been doing Market Conditions for Lake Balboa for 3 weeks now and noticed the graphs don’t change much week to week. You can view last week’s charts and graphs here. I know many of us don’t have much time to analyze all that data, so I figured it’d be easier for you if I just summarized the changes. Is it workin’ for ya?

When you're buying or selling a home, national news and statistics are really not relevant. Whay should you care what someone payed for a house in Arkansas when the houses here in Los Angeles, and more specifically, in Lake Balboa are going for a completely different price? Even within Los Angeles, we have price differences from one neighborhood to the next. This is the second a weekly series to publish the market conditions for the Lake Balboa neighborhood. I hope to expand my areas eventually, but I'm going to start here first and then grow slowly, possible to include market conditions for Encino, Sherman Oaks, and Tarzana. Please feel free to let me know if there's an area you'd like to see.

This report for the week of November 21st includes the following:

• Current Real Estate Market Conditions for Single Family Homes
• Trends in Pricing
• Current Levels of Supply and Demand

THIS WEEK: The median list price in VAN NUYS, CA 91406 - Lake Balboa this week is $309,927. The 115 properties have been on the market for an average of 155 days. Inventory has been lightening lately and the Market Action Index has been trending up. These are mildly positive indications for the market. Light inventory means less competition for sellers, which is one of my top reasons for listing your home in the fall/winter season.

SUPPLY AND DEMAND: The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.

MEDIAN PRICE:

We continue to see prices in this zip code bouncing around this plateau.

INVENTORY OF PROPERTIES LISTED FOR SALE: Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply. Again, declining inventory means its a great time to list your home because there is less competition!

MARKET ACTION INDEX: The VAN NUYS, 91406 market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Index stands at 18.81, slightly up from last week. Even though inventory has been declining, there are still several months of inventory available at the current sales rate, therefore buyers should find ample choice.

DAYS ON MARKET: The properties have been on the market for an average of 155 days. Half of the listings have come newly on the market in the past 105 or so days.

DAYS ON MARKET PER QUARTILE: It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles. However, in Lake Balboa, the higher priced homes are selling faster than the lower priced homes. In my opinion, this is a clear indicator that buyers in this area prefer move-in ready homes. Investors who are looking for homes to renovate and lease or sell, call me for a list!

**All stats sourced from Dilbeck Real Estate Real Living.

When you're buying or selling a home, national news and statistics are really not relevant. Whay should you care what someone payed for a house in Arkansas when the houses here in Los Angeles, and more specifically, in Lake Balboa are going for a completely different price? Even within Los Angeles, we have price differences from one neighborhood to the next. I am starting a weekly series to publish the market conditions for the Lake Balboa neighborhood. I hope to expand my areas eventually, but I'm going to start here first and then grow slowly, possible to include market conditions for Encino, Sherman Oaks, and Tarzana. Let's get started!

This report for the week of November 14th includes the following:

• Current Real Estate Market Conditions for Single Family Homes
• Trends in Pricing
• Current Levels of Supply and Demand

THIS WEEK: The median list price in VAN NUYS, CA 91406 - Lake Balboa this week is $312,000. The 111 properties have been on the market for an average of 143 days. Inventory is tightening and days-on- market is falling. But demand as measured by the Market Action Index is also trending down. The market is not giving strong up or down signals from these data.

SUPPLY AND DEMAND: The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. This is normal for this time of year. Many consumers get distracted by all the holidays and family events and put their home search or home sale on the backburner.

MEDIAN PRICE:

Recently prices in this zip have settled at a plateau even though they dipped this week. Look for a persistent up-shift in the Market Action Index before we see prices significantly move from these levels.

INVENTORY OF PROPERTIES LISTED FOR SALE: Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply. This could also be related to the holiday season and homeowners being reluctant to sell during this time of year. I'll be posting a blog shortly on the top ten reasons to list during the holidays so subscribe!

MARKET ACTION INDEX: The VAN NUYS, 91406 market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Index stands at 18.71. With several months of inventory available at the current sales rate, buyers should find ample choice.

DAYS ON MARKET: The properties have been on the market for an average of 143 days. Half of the listings have come newly on the market in the past 98 or so days.

DAYS ON MARKET PER QUARTILE: It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles. But interestingly enough, the higher priced homes are selling faster than the lower priced homes. This backs up what I've been saying about homeowner's wanting turnkey homes in this area. Investors should be looking here because there are a lot of diamonds in the rough and a high demand for a finished product.

**All stats sourced from Dilbeck Real Estate Real Living.

Looking for a home in the San Fernando Valley? Check out Lake Balboa!

If you’re looking for homes for sale in the San Fernando Valley and you’re confused about all the different neighborhoods, take a peek at my Neighborhood Guide for Lake Balboa. The guide has info about parks, shopping, restaurants and more. Lake Balboa is a centrally located suburb in the San Fernando Valley filled with families, young couples and retirees. Many of the properties in Lake Balboa were built in the late 40s and early 50s and carry the charm of that era with them. It’s easily accessible to the 101 and 405 freeways and close to the Sherman Oaks Galleria and the Encino Commons.

One of the things I’ve noticed about homes for sale in Lake Balboa is that many of them have been renovated. It seems investors agree with me that this neighborhood is very up-and-coming and are turning run down properties into turn-key starter homes for buyers.

This tastefully renovated property was fixed up by an architect and is now in escrow.

Altogether this year I’ve noticed at least 5 home renovations in the area (I’m sure there’s many more than I’ve noticed) where homeowner’s either fix it up before moving in or investors renovate and then re-sell. Many of the homes are now sporting new kitchens, landscaping and even additions to the square footage of the home. It appears to be increasing the value of homes in Lake Balboa.

Consider Lake Balboa if you’re looking for a home to buy in a great neighborhood in the valley. There’s a wonderful pride of ownership and sense of community in this great area. Read my neighborhood guide, then call me for a personalized tour of the homes for sale in Lake Balboa.