I work in one of the most well known cities in the world helping clients with buying and selling real estate. You may recognize my name as a local real estate expert from such places as The LA Times, Realtor Magazine, New Home Source, HGTV, NPR and many other media sources. So whether you are a fist time buyer, selling your 4th house, or just curious about the market, you will find something here that will be of use to you.
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.