LA VERNE REAL ESTATE MARKET WATCH - AUGUST 6-12, 2011

LA VERNE REAL ESTATE MARKET WATCH - AUGUST 6-12, 2011

Market Watch

New Listing (12)
Price Change (15)
Back On Market (5)
Backup Offer (7)
Expired (3)
Pending (4)
Sold (7)

Okay, so I truly thought that LA VERNE would be as slow as some of the other neighboring cities.  I reasoned that maybe people are getting a bit nervous because of the issues with the federal budget and the downgrade in our nation's credit rating.  The financial institutions have been hit as well and I think people are unsure of what will come of all this in the near future.  It makes sense for yet another slow down, if you think about it logically.  (YA, me trying to be logical!)


Anyway, there were 12 new listings on the market.  Moving along at a great clip.  Seven have sold which means the loans are getting closed still which is extremely important.  Between the pendings (4) and the back ups (7) eleven are going into escrow.  The LA VERNE real estate market seems to be picking up!



Now for the regular issue.  I was reading another persons blog who I highly respect. She was mentioning that she believes pricing is subjective - house by house.  Now this is a true statement, some are in better shape than others, some are more upgraded than others, etc.  But I have found that the only value that matters, especially if a loan is involved, is the BPO or the appraisal value.  Appraiser's add very little value for upgrades.  Their main focus is size, bedrooms, lot size and so on.  An extra bathroom will only add about $500 in value and so on.  So you can see, that the values change very little from house to house.


So, again I maintain that the homes MUST BE PRICED RIGHT from the get-go.  A good agent will know how to get that job done and the house will appraise for the sale price.  This week, there were 15 price changes.  One of the neighboring cities had the usual number cut in half, so I thought we were getting somewhere with this.  Apparently I was wrong.  (Yep, it happens, I can be wrong!  Just don't tell my husband!)


And, as always, if you have real estate questions or need some help with selling or buying your home, turn to a local expert.  Give me a call and I will be more than honored to assist you.


LA VERNE LIVING!

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
Linda's Website