Home Prices Are Falling Again in West Hollywood, CA
Median home prices for sale in West Hollywood have fallen every day in 2011.
The median days on the market are stabilizing at around 125 days until the close of escrow. Nonetheless, the median prices of homes for sale are falling, and since the days on the market are not rising, this price drop probably indicates more serious sellers are in the market.
I believe that sellers are realizing that they need to adjust their listing prices lower if they want to sell. Distressed properties and Short Sales continue to add to the market, and their prices are usually 12-15% lower than fair market value. This might be what is happening so far in 2011.
How can this information benefit you?
Obviously, purchasing a home at lower prices is a great thing for a serious buyer seeking deals in the marketplace. Let’s use this to your advantage, and purchase property at prices unseen in West Hollywood in quite some time.
If I can be of any assistance to you in buying or selling your home throughout West Hollywood or the Hollywood Hills, please contact me.
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