October 2015 Simi Valley Housing Report will be a little different this time as new regulations imposed by the The Consumer Financial Protection Bureau under Dodd-Frank have caused new requirements in loan disclosures. These requirements are significant enough that Lenders are requiring 45 days for Escrow periods as opposed to a typical 30 day escrow. This longer time request for escrow will start showing in the monthly closings as sales that should have closed in November will be pushed to December and will ripple over the next few months.
The overall Simi Valley Housing Market has remained stable with a good amount of negotiating going on between Buyers and Sellers. Homes that sell quicker and with multiple offers are those homes that are upgrades, in very good condition, priced well and they typically show like a model. Seller’s who over price their homes are in a waiting game even if their home is in pristine condition.
Homes across all price ranges were selling below the original asking price at an average of 4.5%. While some may see this as a significant number, much of this has to do with Seller really pushing to try and hit new highs in their tracks. Appraisals and willing buyer have just not responded to this push. Additionally looking at the luxury and with longer Days on market shows more evidence of Home Sellers stretching for new highs.
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