By Hugo Torres
That’s right. In 2013 50% of homes (as accounted by the California Association of REALTORS) sold for more than the asking price. And this is a trend that certainly mirrors the local San Gabriel Valley Real Estate market.
An influx of cash and investor moneys kicked off 2013 and this momentum did not abate until the beginning of the Fall Quarter where we experienced a lull in market that lasted approximately two months.
2014 began in similar fashion with the difference of pricing being affected by a lack of homes available for sale and a throng of home buyers who still want to purchase and have not experienced much luck.
Though time will tell, it is my opinion that there the local Real Estate market is not as bullish this year and that the next few months will see a healthier volume of homes and home buyers who will be negotiating much more aggressively.
I am seeing this in the conversations of customers coming through Open Houses who are being more choosy in the compromises they are willing to make when they consider a homes size/amenities/location in relation to its asking price.
As in all things, every situation is different and it’s imperative that whether your are a home buyer or seller you have healthy conversations about the market and its momentum as you start to make decisions for you and yours.
Hugo Torres can be found on line at hugotorres.com or on Facebook at facebook.com/monrovian21″