The media is constantly reporting that the real estate market is going down. Seeing that last year was a record year, it would be inevitable that the following year would be slower in a variety of categories from volume of units as well as the time it takes to sell on the market.
The statistics from the MLS that covers the area from Compton to Irvine shows that in actuality sellers are still achieving 97.6% of their asking price. Is this the end of the world? Hardly!
The average days on market has increased from 32 days last year to 58 days this year. Is that a buyers market? Actually no! A buyers market would be when the average days on market reaches 180 days or in other words a 6 month home supply. You won't find these numbers in the main stream media though because it doesn't sell enough advertising!
Sunday, September 10, 2006
Myth...the market is going down
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1 comments:
Those who are saying the market is going down are they selling? I hear quite a few financial advisors recommending that clients wait to buy and invest in stocks instead. Is this in the best interest of their clients or them?
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