By Marilynn Bradbury
In my opinion, it is just another curve in the market place. The value of real estate in the best locations has not dropped as much as the stock market.
One of the most important issues when buying, in any real estate market, is LOCATION! LOCATION! LOCATION! Many things should be considered when buying a home in any real estate market: size of home; number of bathrooms; pool or no pool; family room; pet-friendly; and local schools, etc. But none of these things are as important as location. Appraisers are only looking back, no more than three months, for comparison sales, and due to the short sale and foreclosure market, the values of homes is greatly reduced. Compare the price per square foot to the surrounding area current sales, and then make the determination of the price you are willing to offer.
The same consideration should be made when preparing to sell. The other important issue when buying or selling real estate is to find a qualified licensed agent who has your best interest at heart.
Our company, Ramsey-Shilling Associates, has been serving the Toluca Lake community and surrounding Los Angeles, San Fernando Valley and San Gabriel Valley for over 54 years.
For more information, contact Marilynn Bradbury at (818) 989-2430.