Tuesday, May 29, 2012

What is going on with the real estate market in LA today?

It is May of 2012 and the real estate market here in Los Angeles is making some changes. Some good, some not-so-good, depending on who you are. Here's the scoop. We've been in a down market for many years now. Many homes were lost to short sales and foreclosures which is a sad thing to go through. On the other hand, it made for a good time for people that could afford a new home, since the prices were down and the interest rates were at a record low. Well..in the last few months there has been a big shift that you may or may not be aware of.  People have decided to hold off on selling their home, if they can, to hope for a rise in the market down the road so they can get more money in sale. Also, the banks are a bit backed up on getting short sales approved for the sale. This has created a shortage of homes for sale. The economy has been getting better with people finding jobs again and also, there has been a good increase in the stock market. This has lead to more people looking to buy homes. With these two things put together, we in the real estate world, are seeing homes sell with multiply offers on properties. So if you are looking to sell your home right now, and it is priced well, chances are you won't have it sitting on the market long and you may have many people looking to make an offer. But if you are out looking to buy right now, you may be advised (and rightfully so) to move quickly if you find a home that you like, as the good ones are not lasting long. We also still have remarkably low interest rates out there which will not last forever. People on the whole are starting to see that the down market may be at it's end and they are gearing up to buy before prices start to rise again. So, if you are considering buying, now is the time to get out there. And, if you are thinking about selling at this time, you may want to get things together to put your house on the market and don't forget to price it well! Listen to your agent about what your house will go for and you will hopefully have an offer in front of you in no time. Either way, we have some new challenges before us as realtor but we are up for it and ready to inform you of all of them to help your transaction go as smoothly as possible. So, if you are ready to move, give me a call and lets get it done while the good opportunities are still here.