Westlake Village Market Update - July 2013
Westlake Village real estate remains active in the month of July. Buyers are finding that they now have more time to search for their dream home because homes are sitting on the market longer. Recently, we have seen an increase in price reductions, a testament to this trend. While the market is still improving, the trajectory seems to be leveling out at this time. The hot seller's market that we saw in the first half of the year has come and gone. Rising interest rates have caused the pace of the market to normalize. Homes are still likely to sell as long as they are priced well.
In addition, the affordability of homes is decreasing as a result of these rising interest rates. Buyers are losing purchasing power and are consequently being priced out of the market. This is leading to a split between entry level and higher value properties. While entry-level homes are still selling well due to the excess of buyers, homes around $600,000 and higher are only available to a shrinking number of buyers and are therefore harder to sell. Entry-level buyers will have to fight harder to make a deal than those looking for a more expensive home.
If you are looking to buy or sell your home, now really is the time to make a move. Get ahead of rising interest rates before your dream home falls out of reach. If you wait, you may not get the best value for your new home, or worse, you could be priced out of the market. We are here to help!
Give us a call at (818) 970-8773 or visit our website at www.MarkMoskowitzTeam.com, and see how The Mark Moskowitz Team can help you with any of your real estate needs.