A few days ago, the Southland Regional Association of Realtors proclaimed that we are no longer in a Sellers’ market, or kind of in a Sellers’ market, and that we’re now in a full fledged Buyers’ market.
The number of homes single family homes that closed escrow in September of this year, was down 43.5 percent from just the month before! Only 105 single family homes changed hands in Santa Clarita, off 51.8 percent year ago levels, and shattering the prior record for least homes sold in a given month set back in February 1998.
SRAR president of the Santa Clarita Valley Division, Larry Gasinski says, “There are opportunities for sharp buyers and sellers in every market and buyers finally have a large selection of homes to choose from, access to affordable interest rates on home loans, even if qualifying now is more difficult, and accommodating sellers who accept market realities and are willing to negotiate.” Gasinski feels that now is the time for prospective buyers to open up negotiations to purchase a property, since market conditions are so clearly in their favor.
While conditions do seem to be in favor of buyers right now, at least with respect to negotiations, you can’t help but understand some of the sidelined buyers, as they sit confused, as to how much lower, if any, prices are going. Aside from the credit crunch, and the increasingly difficult time potential borrowers are having trying to get a loan, the major reason people are electing to hold off buying right now, are declining home values. Nobody “wants” to purchase a home and watch the value go down after the purchase, thats a painful thought, and a reality of the market we are in, today. Despite that fact, people are buying homes still. In large part, they are people who either have to move (job transfer, family growth, retirement, etc), or people who are sick of renting, and would like to benefit from the freedom being a homeowner provides, not to mention the helpful tax break that can make it just as affordable as renting in some cases.
One thing is for sure though, if you need to move, and you are going to buy, you have your options before you, and if you choose wisely, you can easily be in the driver’s seat when negotiating your next purchase.
Remember…when buying or selling Santa Clarita real estate, call me 1st.
Robert Mickalson, Realtor
Vintage Sotheby’s International Realty
661.219.2260 or 661.373.2374
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