Glendale, CA Real Estate News

By Show4you Realty Redefining Full Service with our Limo
(Show4you Realty)
There has been a lot of discussion about family portraits or pictures being around when your home is on the market for sale.  One school of thought is that it brings happy thoughts to the buyer; of the happy times that might have been had in the house. The other school of thought is buyers will consider the house someone else's home and it gets difficult to vision themselves living there.  My school of thought: spend 10 minutes in any open house with family pictures and another 10 minutes in an open house without family pictures.  More often than not people looking around the house will spend a lot of time looking at the photos.  Pictures show the buyer some one else lived here and this is their home, it does not put a positive thought in their mind.  If you take away the pictures and p...
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By Keith Sorem
(Keller Williams Realty)
Glendale, like most markets in Southern California, has seen a shift from a seller's market to a strong buyer's market.  Fueled by the mortgage meltdown in August and September of 2007, the number of buyers qualified to purchase homes has been severely decreased due to more restrictive lending guidelines.  Homeowners who purchased property with Adjustable Rate Mortgages (ARMs) found themselves facing adjusting interest rates that in some cases forced them to either sell their home or even face foreclosure.  Many homes are on the market not because the owners wanted to sell, but because they had to sell.  The shrinking pool of buyers, coupled with the increase in inventory, has caused a drop in home prices.  For many home buyers this is the first opportunity they will had to purchase an ...
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By Keith Sorem
(Keller Williams Realty)
The key to understanding the market is looking at the market trends.  We use a Market Index to put the market into a number that we can compare and track trends.  Above 1.20 is a seller's market, between 1.20 and 0.80 is a neutral market, and below 0.80 is a buyer's market.  So looking at Glendale's Market Index from August (prior to the mortgage industry shift), and December, we see a curious trend.  From 0.31 in August, down to 0.16 in November, up to 0.25 in December. Now, December, 2006 had a market index of 0.38, so in numerical terms the market shifted downward, but not perhaps as much as the press would have us believe.Glendale Market Summary        December, 2007AugustSeptemberOctoberNovemberDecemberVarianceChangeNew Active Listings For June1471491398149-98-66.7%Pending in the m...
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By Keith Sorem
(Keller Williams Realty)
As Christmas comes closer, most of us are focused on what Santa will bring down the chimney.  Realtors are wondering what will happen in the 2008 spring market.  I wish Santa would bring me a new crystal ball!An index of above 1.20 indicates a seller's market, between 1.20 and 0.80 a neutral market, and below 0.80 buyer's market. The market index back in November, 2006, was 0.30.  This November the market index is  0.16.  A decline of almost half.  Last November I warned sellers that if you need to sell, do it know.  This November I am saying the same thing and I'll tell you why.  If the inventory we have now remains, prices may drop further.  They might level off, or they might not.For buyers there is some good news.  The median price in July was $660,000, in November $650,000.  That i...
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By Keith Sorem
(Keller Williams Realty)
The leaves are falling from my maple tree, mirroring the sales activity in Burbank.  If you are a buyer, pay attention...actually, if you are a seller, you should too!Back in June, at the peak of the spring sales season, we had a market index of 0.31 with 350 active listings, selling 68.  Fast forward to October, a market index of 0.17, 496 listings active, and 33 sold.  Not a huge change just looking those numbers, but all put together, an index of 0.17 means buyers are really in control.Although not the end of the world as we know (according to some media outlets), the gradual accumulation of listing inventory coupled with the increasingly restrictive lending requirement has created a perfect storm.  As inventory levels increase, the number of qualified buyers has decreased, so when s...
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By Keith Sorem
(Keller Williams Realty)
The leaves are falling from my maple tree, mirroring the sales activity in Glendale.  If you are a buyer, pay attention...actually, if you are a seller, you should too!Back in June, at the peak of the spring sales season, we had a market index of 0.26 with 442 active listings, selling 62.  Fast forward to October,  a market index of 0.15, 496 listings active, and 45 sold.  Not a huge change just looking those numbers, but all put together, an index of 0.15 means buyers are really in control.Although not the end of the world as we know (according to some media outlets), the gradual accumulation of listing inventory coupled with the increasingly restrictive lending requirement has created a perfect storm.  As inventory levels increase, the number of qualified buyers has decreased, so when...
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By Hayden Gerson
(HPM Financial LLC)
Glendale is one of the most enchanting cities in the Los Angeles County. Home to a diverse group of people, it has the honor of being the safest city in Los Angeles.There are currently 505 residential properties on the market in Glendale. The averages are: Asking Price $723,800, Price Per Square Foot $438, and Days On The Market 67. The Lowest priced property is a 1 Bedroom 1 Bathroom Condo Unit offered at $265,000 and the Highest is a 5 Bedrooms 7 Bathrooms Home offered at $3,395,000.Hayden Gerson is the Branch Manager of America One Mortgage and Realty located in Sherman Oaks California. If you have any questions or would like to speak with Hayden please feel free to call. Hayden can be contacted at (800) 505-7554 or go to his website,Glendale Real Estate and Mortgage. 
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By Phyllis Harb
(Dickson Podley Realtors)
Interested in real estate issues and less chat? Ever thought real estate was an easy part time job? Visit my Los Angeles Real Estate Blog and read about the good, the bad and the ugly.
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By Keith Sorem
(Keller Williams Realty)
There is a lot of excitement in Glendale!  Americana At Brand is opening in June, 2008.  There are over 2,100 new condo units coming on the market over the next 18-24 months, mostly high-rise/mixed use projects downtown.  http://www.ci.glendale.ca.us/dev-svcs/Invest_in_Glendale.aspSo what's exciting about more housing inventory?  Well, for one thing I'm excited that we are not adding the inventory NOW.  Hopefully the market will be better balanced by the time they hit.  Also, if investors are pouring all that money into the Jewel City, something good must be happening here (or going to happen).Getting back to the summer of 2007, here we are, crusing slowly, going a bit downhill, with our summer market simmering along.  The traditional spring market is officially over, with escrows opene...
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By Keith Sorem
(Keller Williams Realty)
Glendale, the Jewel City, is really getting a buffing.  Like neighboring cities, Glendale is following the trend of a more "normal" market.  The question is, who can remember what "normal" is anymore.  Let's examine some key statistics and see if we can separate fact from fiction.Total units sold are definitely trending downward.  Looking at the last few years, in  2005, we saw 157 properties sold, in  2006  closed escrows totaled 121, and in  2007 or grand total was 77, representing a almost 50% decline in units.Now everyone says that prices should go down if supply is up, right?   The Median Price in 2005  was $614,900, in  2006  $675,000, and in  2007  $710,000.  How can this be?  I do have a couple of theories.  One is that only homes within a certain price range are selling skewing...
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By Keith Sorem
(Keller Williams Realty)
The good news for sellers in Glendale is that the market is approaching balance.  For home buyers that means there are good deals out there, but they may not get any better, so now is THE time to buy.Total listings increased from 369 in April  to 442, typical for the peak of spring selling season.  The other good news is that the number of homes sold increased from 68 to 76, while market time fell from 68 days to 46 days.  Compared to the region, Glendale is moving more homes, more quickly than neighboring communities.Interestingly enough, in April we saw 145 new listings enter the market, and 36%, or 52 properties, went into escrow.  In May, 158 new listings came on the market, with 28%, or 45 properties, when into escrow.  These factors combined show that the market is picking up temp...
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By Keith Sorem
(Keller Williams Realty)
Memorial Day, Monday, May 28thAs we take this time to remember those who have served in our armed forces please consider attending one of these events.  It's important to not forget the men and women who have died that we might have the freedoms that we enjoy.Glendale:  Carvel Gay, (Gay's Towing, and also the National Guard) reports: 9:30am at the Veterans Memorial, at Broadway and Isabel Streets. The keynote speaker is Maj. General William H. Wade II, the Adjutant General of the State of California, Governor Schwarzenegger's 9/11 liaison. Activities will include a fly over of Black Hawk helicopters, the 40th Division Military Band, a Color Guard composed of Marine and National Guard soldiers and the Glendale Red Cross will provide refreshments.A new panel of the Veteran's Memorial will...
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Centennial Fire Service Day is Saturday, May 12thGlendale   From 10am - 3pm Fire Station 21 at 421 Oak Street.  Start with a pancake breakfast at 9am (free but they will accept donations), followed by live auto extrications, and Sparky the Fire Dog.  See the Glendale Police Dept. helicopter, live demonstrations, a Nature Trailer, and lots of fun activities for the kids.keith@BeautifulGlendaleHomes.com
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By Keith Sorem
(Keller Williams Realty)
You know, it's a funny thing.  People that have been "in the business" a while develop a "feel" for "how the market is doing.  And of course brokers are always telling their agents the market is great, even if it's tanking.  Which is right?  Thought you'd never ask.The truth is, both sides are right.  It's all in your point of view.  Let's look at Glendale's April results and see how that can be:I measure the overall market with a Market Index, which is composed of key market variables we can measure.  If the Market Index is greater than 1.20, then it's a seller's market.  If it's between 1.20 and 0.80, it's a balanced market.  Below 0.80, it's a buyer's market.  Glendale's Market Index at the end of March was 0.43.  At the end of April it was 0.33, a ten point drop.Let me show you how ...
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