BLOG covering the Los Angeles, West Hollywood, Beverly Hills, Palm Springs and surrounding areas' Real Estate market. BLOG contributors are real estate agents from The Millennium Team at Keller Williams Realty Hollywood Hills.

Monday, March 05, 2007

Winter Market Conditions 2007

February is closing out to be a very interesting month. Prices have gone up on an average of 6% since last February and inventory has remained about the same as it was in February 2006. However, more homes sold in February of 2007 then did in February of 2006. This is a very healthy sign for the real estate market. If a home is prices at market value, there is a good chance you will recieve multiple offers. This was unheard of last year. There are still quite a few homes on the market that are overpriced and are not selling. Buyers are finally realizing that prices are not going down in LA and if they need to buy, now is the time. The only area that saw a significant drop in home prices last year was the zip code of 90401 in Santa Monica. If you are a buyer and you see a fair priced home, don't hesitate to make the offer, because if you don't, some one else will. If you are selling, you MUST price your home at market value if you want it to sell. Overpriced homes are not even being looked at. For more info please contact The Millennium Team at (310) 461-1252 or e mail us at info@TheMillenniumTeam.com Check out our web sites at www.TheMillenniumTeam.com and www.LARealtorToTheStars.com

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