Our real estate agent in L.A. (a long-time friend) says the house we sold there on Jan. 28 2007, based on current comparables, would now be going for 15-20% less – a quite steep decline in just 3 1/2 months.
He’s a savvy broker/investor in the San Fernando Valley who been at it for twenty five years and says looks like we got out at just the right moment. Or maybe it was the last possible good moment.
Right after we sold is when the subprime debacle hit…
Much of Utah missed the boom years, and is therefore expected to rise significantly this year. However, our area rose quickly over the past three years, with some prices tripling. This was followed by a steep (20-30%) decline last summer. (Still, those who bought early are doing well.) As the 2007 summer season begins, our area was expected to remain flat this year– but my realtor friends tell me prices are unexpectedly creeping upward. Go figure.