June Local Market Update
Want to know what’s happening here in our local LA County Real Estate Market? I get asked this question often! Is now a good time to sell in Hancock Park area of Los Angeles 90004 or Sherman Oaks area 91403. I also get asked if we are we going to see a crash, and what should people do with their home? It can be so confusing with the constant changes in the market to know what the best decision for your family will be.
I totally understand, I’m in the industry and have been for over 25 years and I am here to help you navigate this market. I’ve done almost 1,000 real estate transactions and when answering these questions it’s always a good idea to look at the data and what’s happening in the market so that you can make an educated decision. So let’s see what the market looks like here locally. Is it a good time to sell here in Hancock Park area of LA California 90004 or Sherman oaks CA 91403? Well, let’s look at what is happening in the month of June. In Hancock Park area we currently at the time of this video we have 77 homes that are active. The average time to sell is only 23 days, with 23 homes selling thus far. Now you may be wondering if it’s a good time to sell in Sherman Oaks California 91403. In Sherman Oaks, we have 168 active homes on the market and thus far only 51 homes were sold and the average DOM is 17 days. So here in Los Angeles County we have very relatively low inventory and we still have relatively strong buyer demand.
However, the market is very volatile right now, we are currently experiencing more homes on the market than the past few months, and we aren’t seeing as many offers on homes as we were seeing just a few weeks ago and also, homes aren’t being bid up as high and buyers are not willing to remove contingencies as much as they were doing recently, It’s a good time to sell because interest rates are expected to continue to go up and that is the reason for the sudden shift in the market. If you’re thinking of selling now would be a good time before they continue to go up even more because remember, as interest rates increase, buyers have less buying power and will have to purchase a home that is less expensive to make up for the difference in interest rates increasing. Feel free to reach out to us at no cost or risk for a hassle-free strategy session. I’m looking forward to hearing from you and as always
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