Dear Friends and Colleagues, In this months newsletter, we learn that the overall real estate market in Southern California continues to climb with an 8.4% jump in the median home price over last year. We also saw inventory fall 6.2% from a year before as well. Demand is still much greater than supply. Inventory is starting to pick up as we approach the busier spring and summer months. Don’t miss our Words of Wisdom section where we discuss the Power and Responsibility of our smartphones and being Present. Please continue sending us topics of interest so we can cover them in future newsletters. Thank you for reading!
Our phones are such a big part of our lives. It keeps us organized; it tells us where to be and when. It allows us to connect with friends and family with a few clicks and swipes and much much more. It’s quite an amazing tool if you pause and actually think about it. You have a question, ask Google and within seconds, you’ll have an answer. No need for an encyclopedia anymore. Ordering food, music, navigation - the utility is endless. These smartphones give us so much power - but with Great Power comes great Responsibility.
Are we using our phones responsibly? It is clear that our smartphones really enhance our lives, but are they also hurting us too? Think about how you use your phone. Is it used as a tool for productivity and knowledge or does it more serve as an escape from reality and has become more of a distraction with all the social media options and news outlets available to us?
Are our phones making us be less PRESENT? How often do we race to check a notification, even if we are having lunch with a friend or family member? Don’t let your phone OWN you. Use it wisely and it can be the most powerful discovery made thus far. Check out this months video called The Problem With Our Phones for some great reminders and thought-provoking questions.
Southern California's median home price jumped 8.4% in March from a year earlier, setting a new all-time high, as hopeful buyers engaged in bidding wars over a limited supply of homes on the market, according to CoreLogic. Another interesting fact is that inventory fell 6.2% over the same time period. Classic supply and demand dynamic - as supply decreases and demand stays strong, prices will go up.
Lack of inventory is not my favorite reason for price appreciation; however, as it is not sustainable for the market to keep going up just because there is limited inventory. I prefer to see a healthy balance between supply and demand with steady and slow price appreciation. The inventory challenge right now is that it’s a seller's market, but if you sell your home, you then become a buyer - and as a buyer, inventory is really scarce. That’s the reason many sellers are not making a move, which contributes to the lack of inventory. They are not confident they will find a good replacement property.
This is a great market for sellers right now - Market is at an all-time high, demand is high and competition (inventory) is scarce. Make sure your property has great curb appeal and everything both inside and outside looks the best it can. Pricing correctly is critical in this market - if you haven’t received an offer in the first 30-45 days of being on the market - you may want to consider a marketing or price adjustment.
We are here to help you determine the best strategy for your sale. Let us know your address and we can provide you with the current buyer/ seller ratio.
The market is heating up and inventory is starting to increase but there are fewer options on the market today than at the same time last year. Interest rates have gone up but appear to be steady for the time being. Most anticipate rates will climb through the end of the year.
In a market like this, you are really missing out if you are not looking off-market. There are a lot of sellers that want to sell but don't’ want to go on the open market. Don’t just look at properties in the MLS as options. Off market opportunities are still a favorable option if you can get access to them. Is there a home you really love but it’s not for sale? Put together a heartfelt letter and send it to the homeowner. Letters and pictures make a huge difference in this market so make your situation standout from the rest. Let our team door knock and call these sellers to see if there is an opportunity. Don’t be passive in this aggressive market. Don’t just wait around hoping and praying that the perfect property will come up and you’ll be able to get it without multiple offers. Chances are if you like it - many other buyers will as well. You have to look off-market!
Contact us to find out what off-market opportunities are available that fit your criteria. 310.573.8670 -Dennis@DennisAdelpour.com
MARKET UPDATES
Southern California Home Prices Jump To A Record High..
