Somebody pinch me… Something happened in the real estate market happened that I haven’t e seen in a long time… I saw actual PRICE REDUCTIONS IN RENT!
I have a property management division of my company and as I searched for homes in the Glendale area and since putting something on the market a couple of weeks ago, I was surprised it wasn’t snatched up the way it was last year at the same price.
I did a bit of research and noticed that not only is there more competition, but because of it, prices have been reduced a bit and the days on the market are a bit longer. Could the market be turning around?
I personally don’t think so, but as always in every real estate market we find pockets that are exceptions to the current conditions. In any particular area, conditions can exist that create trends that may seem out of sync with what going on in general. That seems to be the case in the Glendale rental market right now,At least in the price range I am searching in. Which is why it is important to constantly monitor the market you are working in or searching in.
As we continue through this long reset of the Real Estate Market, it becomes more important to do just that and we’ll see signs of over all improvement as this kind of information becomes more prevalent.
So don’t bring out the Champagne just yet, we’ve still got a long way to go, but we are getting there…
