Home Prices Rise in L.A. What Does It Mean for You?

A recent article in the Los Angeles Times states that home sales in L.A. have gone up for the first time in 6 years. This didn’t surprise me; based on what I see every day, the real estate market is doing great. But it may surprise some readers who think the market is still declining and are waiting for the mythical “bottom”. Many buyers I meet ask me when I think we’ll hit the bottom of the market because they want to buy when prices are at the absolute lowest. But with news that home prices are picking back up, I believe we’ll see a shift with even more buyers recognizing that now is the time to buy before home prices increase further.

It seems that plenty of buyers in Silver Lake and Los Feliz haven’t been waiting for the market’s illusive bottom. They’ve been taking advantage of the current low home prices and low interest rates all along. It’s not uncommon to see multiple offers on listings and homes going for well above the asking price in all price ranges. A recent listing for $425,000 in Echo Park had 21 offers, while another listing in Silver Lake for $989,000 had 12 offers. What does this mean for you, if you’re a buyer? Well, it can be a tough time to be a buyer. On one hand, you can find a fantastic house for a great price, but there’s probably going to be a lot of competition, which is why you need an experienced, successful agent to get the job done.

If you’re considering listing your home, now is the time. It’s definitely a seller’s market! My last two sold listings are great examples of this:

• I listed 1409 Havenhurst Drive #4 in West Hollywood for $629,000 and sold it for $646,000 after just 5 days on the market. A cash buyer beat out 4 other offers to purchase the renovated condo. We closed in less than thirty days.
• This week I will be closing 940 Venango Avenue in Silver Lake for $565,000, which was listed for $549,000 and again was purchase by a cash buyer after just 4 days on the market.

If you’re thinking about selling your home and would like to find out what it could sell for and to hear about my unique marketing strategies, give me a call at 323-775-6305 or email me!

Comments RSS You can leave a response, or trackback from your own site.