Get ready for a crazy year in real estate. Right now, in most neighborhoods across Northeast LA, (Eagle Rock, Highland Park, El Sereno, etc.), there is absolutely nothing for sale.
Inventory is extremely tight and has created a very serious Seller's Market.
The number of homes for sale hasn't been this low since late-2012. And, if any of you remember what happened immediately after that, well, Northeast L.A. has been making history ever since. If you are buying or selling, there are different factors to consider:
Right now is the absolute best time to be on the market. Simply put, because there's nothing else out there right now. And, if you go all out and list your home really well, you can make a killing.
With the low inventory, there is a large group of buyers competing for a small number of houses. This means multiple offers, over asking price, all that fun stuff.
Here's what happens to a real estate market when the number of homes changes so dramatically:
Supply is low, so demand increases.
High demand translates to higher prices.
Sellers see the high prices, and list their homes.
They increase the supply, and demand decreases.
Prices plateau and Sellers take their homes off the market.
Supply decreases, and we are back in the same place we started.
This trend usually takes roughly 18 months for a full cycle. However, conditions haven't been this exaggerated in years. In a few months, we will most likely see a large wave of new listings to invigorate the market...
If you're a Seller, move fast and get it on the market before you have to compete with the rest of the Sellers this Summer.
If you're a Buyer, don't get too discouraged. Be patient, because there is about to be a lot of inventory to hit the market.
Either way, we should be talking strategy about your next move