The January 2016 housing report for Simi Valley was a little sluggish in volume compared to the 4th quarter 2105, but not overall surprising for the beginning of the year as historically January tends to average 75 closed units going back into 2006 (prior to the housing collapse). Median pricing edged up and the days on market for the most affordable houses shortened up a bit. Inventory is shrinking and with fewer homes for sale, certain price ranges are benefitting more than others. Homes are still selling in the Simi Valley Luxury market, but sellers are still seeing an average 3%-6% reduction in price compared to the original price they put the home on the market. Simi Valley home owners should be careful that homes in lower price ranges are moving faster and closer to asking price and that activity is not representative of all homes in Simi Valley.
Inventory will be the big story for the first quarter this year, if inventory remains tight as it is starting off this year, then pricing will move upward. Additionally there will be some competition for homes in the price ranges with the most active buyers. Interest rates remain low keeping what is left of affordability in play. Sellers that expect to take advantage of the current market conditions should make sure their homes show in the best possible condition. This is a good time to make repairs, finish unfinished projects and stage their home prior to marketing. Buyers who are currently paying full price are doing so on houses that are either in tip-top condition or the house is price aggressively competitive to surrounding properties.
See related Articles:
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5 Items Sellers can improve to make their house standout
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Simi Valley Home Seller Strategies
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