Timely Real Estate News…………………………………………………1 July 2014
*****************************************************************************************************************Happy Fourth of July….time to celebrate
The Calendar Gods have spoken — a three-day weekend to celebrate America’s Independence Day. This is always a special time across the country as we take time to celebrate our traditional July 4th holiday with picnics, BBQs, home-town parades, and of course, fireworks…we have plenty of places to view fireworks (see facebook.com/Carole Schiffer realtor).
What is happening in real estate in general? As we begin our second half of an already-eventful 2014, we are “staying the course” which simply means that our real estate market is returning to normal. And “normal” means that we are seeing a gradual increase in inventories and prices are not rising as fast as they have during the past 12 months. And while the economy apparently moved backward in the first quarter, the stock market has not retreated. According to the Anderson School Forecast, we are still going to see a 3% increase in the GDP for the summer quarter as we dig our way out of the winter doldrums, which put a crimp on our economy. We are still seeing multiple offers, as seen recently in Westwood where a house that needed to be remodeled came on the market, received 27offers, 17 of which were all cash, and about 50% of the offers were from developers or āflippersā, and is in escrow almost $300,000 over asking. Mind you, the philosophy in pricing the house in the beginning was to engender exactly the kind of activity they did, so in this case that philosophy worked. I know we have seen a lot of publicity about all cash transactionsā¦the rose is not always as gilded as it appears, in the some buyers are offering to pay all cash, have the ability to do so, but have the intent of basically tying up the house and in fact getting a loan rather than paying cash. A good real estate agent, such as me will know how to guide you in handling this type of situation.
Ā Click here to see the Bel Air Crest Quarterly Market Update
Click here to see the Bel Air Park Quarterly Market Update
Click here to see the Brentwood Quarterly Market Update
Click here to see the Brentwood Circle Quarterly Market Update
Click here to see the Lower Casiano Area Quarterly Market Update
Click here to see the Moraga Drive Quarterly Market Update
