That headline might be a little aggressive; however, as August 2017’s housing market data begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME TODAY!
In a recent article by CBS News, they explained that the number of existing home sales is shrinking, and Lawrence Yun, Chief Economist for the National Association of Realtors, said:
“There should be 3 million homes on the market right now…Yet, there are only 1.9 million.”
And this situation will be affected greatly by recent natural disasters. Yun continued by saying:
“Before the hurricanes I would have predicted 1.35 million in new-home construction in 2018…I’ll have to scale that down now.”
NAR, in their August 2017 Realtors® Confidence Index, indicated that:
“Amid sustained job creation and sustained historically low mortgage rates, REALTORS® reported…that buyer demand is stronger compared to conditions one year ago… and that fifty percent of properties were on the market for less than one month when sold.”
The only challenge to today’s market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is only a 4.2-month supply of inventory, which is down from 4.5 months one year ago.
With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together and discuss the inventory levels in your neighborhood to determine your next steps.
Work with an Expert
If you’re looking to buy or sell a home in Reynier Village or the Los Angeles area or just want advice on the state of the market, you should call someone who knows the area and LA market inside out, please contact me at 323-646-6569 or Laura@LauraAndersonRealtor.com. I live, shop, & work here alongside you. I sell real estate in the areas of our city I am most passionate about – Faircrest Heights, Reynier Village, Mid Wilshire, Mid City, Culver City, DTLA, Playa Del Rey, Hollywood Hills, Los Feliz, Hancock Park, and Beverly Hills. At Keller Williams, I am one of the top ten agents in my office, receiving many production awards, and I am a member of the “Agent Leadership Council”, but that’s the behind the scenes stuff. What matters to you is that I am passionate about what I do, where I live, and that I understand the local real estate market. I want my clients to be happy, offer referrals, and do business with me again.