Micromarket Snapshot: Reseda
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More from our buzz through Reseda yesterday:
From Realtor Mary Burak: ‘It’s a terrible market. I’ve been doing this for 25 years, so I’ve been selling -- I have referrals. But the newer agents are going out of business. ... I don’t even work off of comps any more. I base it on what’s for sale in the area.’ The market, she says, is still sprinkled with OPTs -- ‘overpriced turkeys.’ On losing a potential short sale because the lender, Countrywide Financial, failed to approve the sale quickly, and then the buyer’s lender -- also Countrywide -- yanked the purchase loan. ‘Countrywide shot themselves in the foot twice. I’m so angry with them. Unfortunately, they don’t know how to set up their loss mitigation group.’ On buyers right now: ‘They’re so picky that they don’t know when they’re getting a deal.’
From Realtor Alan Rosenberg: ‘The market is slowing down. There’s a lot of buyers out there, but they’re concerned about commiting. But interest rates are fantastic and prices are really good.’ He says the foreclosure problem is worst in the East Valley, but is slowly moving west through the Valley.
From Realtor Charles Henry: ‘We won’t know we’ve hit the bottom until we hit it.’ (We’re not sure what that means). In a neighborhood where listings under $500,000 were rare a year ago, he said, listings are now common at under $400,000. ‘Houses sell pretty quickly when they get into the high-$300,000s.’
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Photo Credit: www.caseysstation.com