The chart below shows the monthly average price of "for sale" and "sold" properties in LA County since November 2020. We expect that to start picking up again as we head towards spring and more homes become available. In fact, when compared to January 2021, homes on average sold for 22% more than they did at this time last year.
If you have immediate plans to sell, right now is an ideal time to consider putting your home on the market before inventory rises in the spring (remember even in a sellers market, more inventory means more competition). On the flip side, although this market can be a bit challenging for buyers, I cannot emphasize enough the importance of being properly prepared so that you can make the most out of the current market conditions and get your offer accepted.
Key Takeaways:
• Home values are expected to increase
• Home inventory is expected to increase in the upcoming weeks/months
• Mortgage rates have remained consistent for now
• For sellers, right now is a great time to consider listing your home while inventory is low and demand is high
• For buyers, it is never too early to begin strategizing and start making plans with a real estate expert
