Homes for sale in shorter supply

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From the Glendale News-Press:

Competition has continued to rise for a shrinking supply of homes on sale in Glendale, Burbank and La Crescenta, as most potential sellers continue to decide against putting their properties on the market, real estate agents say.

Although area market conditions are ripe for buyers, with interest rates around 5% for most mid-range home loans, many property owners have delayed sales because of steep drops in prices brought about by economic uncertainty, agents say.

Residents who may have planned to retire and sell their homes prior to the recession have instead backed away from those plans, while others, interested in moving on to larger homes have been stifled by a lack of available property, said Keith Sorem, a Glendale-based agent for Keller Williams Real Estate.

Full story here.

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Written by Zain Shauk

October 20, 2009 at 12:37 pm

Posted in business

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