Real Estate Market Conditions for the Los Angeles area. August 2006
The real estate market in the Los Angeles area this summer has really taken a swing towards buyers. The average time it is taking a home to sell is about five months. Last year at this time it was taking about 90 days. There are twice as many homes for sale this year as opposed to the same time last year. This is part of the reason why listing are taking longer to sell. With these two factors, one would think that houses must be selling for less money. It's the simple economic principle of supply and demand. Right? Well surprisingly this is not the case. Homes are selling for the same price they sold for last year. Not more or not less. Sellers are willing to hold out to get the price they want. I predict that the average time a home will take to sell will be 6 months by the end of the summer. At 6 months, the market will officially be a normal market and be balanced for seller and buyers. If you are a buyer, buy now. Prices will most likely not drop! BUT, interest rates most likely will rise. Sellers, if you need to sell quick, you will need to price your home under what other homes in your neighborhood have sold for in the last 30 days. If you can wait 6 months, you can price your home at the same price other homes in your neighborhood have sold for. I hope you all have a wonderful summer! Feel free to contact me with any questions!
Anthony@TheMillenniumTeam.com 310 623 1384
www.TheMillenniumTeam.com or
www.LARealtorToTheStars.comAnthony Vulin IIITeam Leader/BrokerThe Millennium TeamKeller Williams Realty8560 West Sunset Blvd., Third FloorWest Hollywood, CA 90069
www.TheMillenniumTeam.comwww.LARealtorToTheStars.com PH: 310.623.1384FAX: 888.203.0168
