It's really hard to be a buyer in today's market. Interest rates are at an historic low. Prices have gone up enough that some owners of really good houses are willing to put their homes on the market, and the market is well suited to try moving up from that sweet cottage you've outgrown. So what's the problem? Well, no one knows what anything is worth, especially here in Northeast LA. Why is that such a problem? Buyers and their helpful friends and families can't figure out if they are getting a good deal, or if they are overpaying.
If you listen to national housing market news, inventory has gone up dramatically in the last year, prices have flattened out, no one can get a loan, it's all over! Here in Northeast Los Angeles, if you look at just the last year, although inventory is higher than Spring 2013. But compared to 2000 or 2007, it's a fraction of what it has been! Did I mention that interest rates are at an historic low? And average sales prices are up 20% over last year? In Eagle Rock, there have been 7 over-$1- million-plus sales closed so far in 2014. That's more than has ever happened in one year before - seriously, EVER. We just represented the buyer on the highest priced home to sell in Eagle Rock in 10 years, $1,800,500. Does that sound to you like the market has flattened?