Michael Tagliere

I just wanted to take a minute and give an update on my perspective of the current real estate economy in Southern California. More specifically the Santa Clarita Valley (Valencia, Saugus, Newhall, Castaic, Canyon Country, Stevenson Ranch and West Ridge) and the San Fernando Valley. While we all realize that the real estate market in both the Santa Clarita Valley and the San Fernando Valley has been some what depressed (to say the least) over the past year or more. I'm not here to say that we have hit the bottom and are on the rebound. Because we probably have not. What I see is that it dosen't make any difference if you are looking to buy your home. I am the managing partner and broker of Vintage Sotheby's International Realty in Valencia, California.We are seeing a tremendous amount of activity in the first month of this year. We are seeing numerous multiple offer situation. Many of the available listings are short sales and foreclosures (REO's). These types of real estate transactions are much more time consuming than traditional buyer/seller transactions. We have had very good success negotiating with banks on these short sales and foreclosures.

It time for people to make deals on real estate. Interest rates are as low as they have been in years. Loan limits are likely going to be raised, these are very good reasons to buy. If you are waiting for the bottom of the market, good luck. It's likely we won't know the bottom of the market until we are (6) months past it! And within that (6) month period we will gain much of the loss over the last year or two.

I started my career as a real estate appraiser for Imperial Bank back in 1971 (a long time ago). I have seen the ups and downs in the real estate market over all these years. If we have another year of declining values or not is not important. Again it dosen't make any difference. it time to buy. History will make people who are buying today real estate genius'. Two or three years down the road their friends will say "you are smart, you bought at the right time". Even if the market goes down for another year, they will still have made a good investment when it's all said and done. If you have to have the lowest interest rate the lowest price, etc. Chances are you will never buy.

If you have any questions regarding my opinions feel free to email me at michael.tagliere@sothebysrealty.com

Thanks for allowing me to vent.