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The Fairpark Community Real Estate Update

Well, you may have heard, real estate is booming, and has been for quite some time now. We have more qualified buyers than we have inventory to sell, thus the new construction boom has blossomed all over the valley. We have recovered from the worst of the recession, prices have come back up, and here’s the rub: interest rates are still at all-time lows, so with today’s rates (about 4%), at 2007 list prices, buyers can still purchase approximately 30% more home than they could 8 years ago when rates were hovering around 6%. That is a significant advantage.sold

Home owners are now out from under their mortgages with enough room to sell, and buyers have been busily picking up all the decent inventory for several years now. In our Fairpark Community boundaries, we currently have 8 active listings, 6 under contract, 41 homes have sold in the last six months with the top sales price at $269k. In fact, we’ve had 15 homes sell in the past 12 months with sales prices over $200k. Days on market for new listings are currently less than 30 days, and very often, it’s only matter of hours for many homes with multiple offers before going under contract. To say this is a hot market is an understatement.

If you find that your home is not selling, here’s the not-so-secret industry tip: it’s price or condition – and both can be remedied with a price reduction or repairs. It’s very simple. The buyers are speaking loud and clear – they are savvy to the market changes and they know the inventory. Don’t bank on the one buyer who “might” come along and pay you full price – if your home is sitting on the market and not producing an offer, meet with your Realtor and put a game plan together. There is not much worse for your home value than sitting on an over-priced listing for several months. Buyers become anxious that your home has problems and then it becomes stigmatized – everyone remembers “that” house….the one that sat listed for 3 years, etc. Don’t let that be your strategy. Be intent to sell, work with a knowledgeable Realtor, and price your home to move it. No wishful thinking or magical fairy dust will sell an overpriced listing, not even in a sizzling market.

The Fairpark Community is the place to be! We have an extraordinary quality of life, we have fantastic freeway access, and we’re close to everything. So get out and enjoy the trails, the sunshine and our beautiful city – we are so very lucky to live here!!

Brook Bernier is a Fairpark Community resident, Council Board member and is a real estate agent. Brook can be reached at brookbernier at gmail dot com.