C.A.R. 2006 Housing Market Forecast

C.A.R. EXPECTS SLIGHT COOLING IN HOME SALES NEXT YEAR The rate of home price appreciation will moderate next year following four years of steep increases, while sales in 2006 will decline slightly from this year's record pace, according to C.A.R.'s "2006 Housing Market Forecast" released today. The forecast was presented during the C.A.R. Centennial REALTOR® EXPO, running from Sept. 20 - 22 at the San Diego Convention Center.

The median home price in California will increase 10 percent to $575,500 in
2006 compared with a projected median of $523,150 this year, while sales for
2006 are projected to reach 630,610 units, falling 2 percent compared with 2005. The double-digit gain in the median price of a home, which California has experienced for most of the past five years, will again be fueled by the continuing shortage of housing across much of the state, according to C.A.R.
economists. California typically gains nearly 250,000 new households, yet only will build about 200,000 new housing units this year, creating a shortfall of about 50,000 units.

"The economic fundamentals at both the state and national level continue to support a strong housing market in the Golden State for the foreseeable future," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "However, we also expect that the wave of new loan products that have flooded the market over the past several years have injected a higher level of risk into the market, while affordability barriers to homeownership will continue to push residents inland and even out of state."

La Canada Market Update

Currently there are only 4 homes available in the La Canada school district, priced under $1,000,000.

Homes in move in condition and those "staged for sale" continue to sell within a week and often in multiple counter offer situations.

There are several distinct neighborhoods: "La Canada Flintridge" (South of Foothill Blvd.), "Sagebrush" (West of Rosebank; not in the La Canada school district), and "Deodars" upper La Canada, not too hilly - a very wooded and serene neighborhood.

SELLERS TIPS: Stage your home for sale, Phyllis Harb offers the complimentary services of a professional home stager to assist you in preparing your home for sale.

BUYERS TIPS: Flexibility: escrow period, possible rent backs, etc. Your flexibility often is as important to the seller as the offered price. Of course homebuyers should be pre-qualified and the prequalification letter as well as evidence of your down payment should be submitted with your offer.

Cosmetic fixers may be the best opportunity for buyers to obtain a "deal". Cosmetic fixers are homes that offer updated major systems (roof, central air, etc.) but have unappealing flooring, wallpaper, etc.


ZIP Code: 91011

Location Characteristics: A delightful suburb with a rural flair. La Canada is renown for its award winning schools and "small town" atmosphere. The city's general plan is to maintain and enhance the city's chararcter as a low density, wooded, hillside residential community.

360 Degree Turn

When I started this blog, I wasn’t quite sure which angle I would take with it. I’ve finally decided that I would turn this blog into an information portal about all aspects of real estate and community information in La Canada, La Crescenta, and Pasadena.

Tomorrow I will be posting about current market conditions in the area.

It's been a while...

Saturday was a great day! I was invited to my client, Vickie’s new home for her baby shower. She looks and feels great & is almost completely settled – which is great considering the baby (boy) is due in October. Vickie loves her new home and I am so pleased that she was able to find one before the baby came.

Thinking a lot about disaster preparedness…. Living in Earthquake Country. I wonder how many of us Angelinos are stocking up on food, water, etc. So I was searching on Google & found Ready, a website made by the U.S. Department of Homeland Security, to help us prepare for the unexpected. Anyhow, just thought I'd share it since I found it to have a great checklist of what we should all remember to have in our homes.