Though we’ve seen some price reductions in our market, prices aren’t dropping overall. Here’s why.
We’ve seen a lot of price reductions lately in our Santa Clarita area, but does that mean the market’s leveling downward as a whole? We don’t believe so, and here’s why.
Most of these price reductions happened with listings whose sellers tried pricing their homes just ahead of the pace of the market while it was at an incline. For example, during this time, one of these sellers might’ve priced their home at $525,000 if they saw that the last home in their neighborhood sold at $500,000 and they thought theirs was better.
As our market’s leveled out a bit, the excess demand for standing inventory has also leveled out. Now when we see that $525,000 home selling at—say—$510,000, what might look like an overall trend is actually the case of a seller reducing their price to a point that it should have been at all along.
If you have any more questions about our Santa Clarita market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be happy to help you.