Supply and demand: it drives market price. When a product is popular, supply is low so prices are high. When a product is not in demand, supply is high so prices are low. If you think of it like two wavy lines on a piece of paper: supply fluctuates up and down in slow, undulating waves. Price fluctuates up and down on the opposite pattern. Now, what do you notice about these waves? At some point, they cross!

That's right, at some point, supply is going in one direction but prices have not reacted yet by going in the other direction. In this rare occasion, there are many products but price is still low or, there are few products but price is still high. Smart buyers and sellers watch for this to happen and take action when it does!

And there's good news: right now in the San Fernando Valley this is happening.

In June, 629 homes were sold. That's down over 26% from last year, when nearly 800 homes were sold in June of 2006. Now, here's where it can get confusing for the uninitiated: a decline in sales is NOT a decline in supply. In fact because fewer homes were sold last month that means that many went unsold' so there are MORE homes are on the market than usual' therefore, it's actually an increase in supply. So, supply is high. But how are prices?

According to the Southland Regional Association of Realtors, record high prices have been reached since May 2007.

Supply is high and prices are high. So, for this rare moment in the economy, it's good news for both buyers and sellers: sellers can expect to get a good dollar for their home. And buyers, although they are paying more, have a fair amount of choice in the marketplace, as well as some time to look, and some room to negotiate.

So, if you're thinking of buying or selling and you've been trying to time the market, consider this your call to action.

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