Dear Friends and Colleagues, The busy buying and selling season is now here! Inventory is starting to pick up and interest rates have been stable. Make sure to read our Buyer and Seller Advice section for tips on how to navigate the current market. In our Money Matters section we provide a Market Breakdown of the last 6 months and compare those numbers to a year ago. Property Values are up AGAIN! Please continue sending us topics of interest so we can cover them in future newsletters. Thank you for reading!
Inventory has increased from a year ago, but still below historic averages. There is a lot of demand out there, but many buyers (especially first time home buyers) are being priced out with the constant price appreciation we’ve seen over the last 5 years. Interest rates have stayed pretty steady but they are on their way up. Once interest rates really start to go up, that will put pressure on the prices of homes as affordability will go down.
Marketing Makes a Huge Difference - Make sure your home looks the best it can, all the time. For example, if you have a waterfall in the backyard, make sure it’s on when you are taking photos and creating your lifestyle video. Pay attention to every minor detail to ensure the marketing and showing of the home is perfect! It’s cliche, but true….you only have one opportunity to make the right first impression.
Price your Property Right - Buyers are very sophisticated. Property information is all over the internet. They know what properties are selling for so don’t grossly overprice your home. If you are around 5% more than market value, you should still anticipate offers. If you are 10% or more above market value, you may be waiting for a long time to get an offer. Price it right the first time. Chasing the market will cost you in the long run.
Connect with us to learn more about how to price your property correctly and create the best internet presence and sales presentation. 310.573.8670
Advice for Buyers -
Check out our MONEY MATTERS segment this month for an analysis of how the market is looking this year compared to last. It is becoming a better environment for buyers with respect to increased inventory, but prices keep going up. Off market deals are still a great option to bypass a bidding war. We are in the hot selling season now so expect inventory levels to continue to rise.
Opportunities - Re-explore properties that have been sitting on the market for 60 + days. Sellers are typically much more negotiable after their properties have been on the market for a while without an offer. Make a low but respectable offer. You maybe surprised what type of deal you may get.
Pre-Approved - Don’t wait to get pre-approved after you’ve found the property you want. That’s too late, especially if it’s a hot property. If you are a serious buyer, you need to get your pre-approval upfront. You need to know what you will qualify for before you start looking. Don’t procrastinate, do it now and get it out of the way.
Connect with us to help you find off market properties through our proven strategies. I also have a great list of lenders that can get you pre-approved quickly with very competitive rates. 310.573.8670
Be Someone Who Makes You Happy "We are told to be with someone who makes us happy, when actually what we need to do is be someone who makes you happy."
Teramachi amenities include sparkling indoor-outdoor pool w/ sun deck, spa, central courtyard featuring Japanese gardens, koi pond, fountains & waterfalls, fitness center w/ sauna, overnight guest lounges, 2-story community room w/ full kitchens, community barbecues, guest parking and 24 hour front desk/security station.
WE HAVE OTHERS - If you are interested in Off Market Properties and this months property does not fit your criteria, let us know what you're looking for and we can provide you with other Pocket listings we have available.
LA LIFESTYLE
Restaurant of the Month: Toscana - 11633 San Vicente Blvd, Los Angeles, CA 90049
