Sliding into the Summer Real Estate Market
Posted by JimIt is getting warmer and the days longer. Each year I usually do not need a calendar to let me know school is out as the buyers all head for the beach. In the past, this has followed the usual period I call the Spring Follies. This is the period from February through May when most contracts are let and the inventories plunge.
For many reasons the Follies was cancelled this year. We gave a party and no one showed up. I always need to remind my real estate agents that they are doing a good job; it is just that no one seem to want what we are selling.
The bottom of the market is red-hot and presumably will remain so for the rest of the year. The $8,000 Federal tax credit and low mortgage rates(also courtesy of the Fed) have certainly helped out, but what has really driven this market is value pricing.
Here in Mission Hills the sellers are not following the pricing lead of those beneath them. I suspect there are many reasons for this but the prime suspect is that our group of sellers is financially set-for now that is.
