Many people read the national news when it comes to real estate and forget that, like politics, all real estate is local. In the past couple of years, most news has been about prices rising once again, and inventories running low across the country, especially (of course) in California.
We don't like to dwell on bad news, but our region was one of only six out of the top hundred metro markets around the nation whose average price fell from May 2013 to May 2014. Three of the past few months have also seen declines. I hate to bring it up, but sellers considering offers, or even listing price, should take those statistics into account.
There are multiple reasons for the fall in prices here, and some will certainly go away over time, but, for now, we are in stasis at a lower price point for most real estate, and we should accept that during the fall market that lasts until Thanksgiving. Buyers will have choices, and it's fine to stick to your guns about price, unless you want to sell in the short run. The spring market may be different, so buyers, who may expect that low selling prices and low mortgage rates will last forever, should act now. Everybody will be better off if everyone is realistic.
