More observations by a Beverly Hills Realtor: Endre Barath, Jr...
As we rapidly approach the middle of the month, we also approach the second half of the year - hard as this is to believe. This year has certainly been a strange year when it comes to Real Estate Activity. Inventory, or the lack thereof, has translated to fewer sales while housing demand has been higher than what the talking heads had been expecting in spite of their misleading headlines. The reality is that there are fewer buyers thanks to higher interest rates.
My observation is that the powers to be have miscalculated by tightening the money supply for potential buyers; while they thought it would bring home prices down, in reality when 75% of homeowners have mortgage interest rates hovering between 3 and 4 percent, they have no incentive to sell to become "move up" buyers. Those who need to sell for whatever reason are the only ones putting their homes on the market. Nevertheless, this does not match the demand.
The first-time serious buyers are watching the inventory. Gone are the days of two and three years ago when you listed a home on the market and it would sell no matter how it was priced. Today ambitiously priced homes linger on the market while correctly priced homes virtually sell instantaneously. Buyers that are going to take on interest rates between 5.5 to 7 percent are focused on the well-priced homes and make their offers on them. Good agents provide their clients with property history as well as comparable lists to help the buyers make the right decision. Sellers also need a seasoned and knowledgeable agent to guide them in listing their property in the best light to sell quickly for top dollar.
Whether you are a buyer or a seller or have any questions or concerns about real estate, reach out to me directly.
Wishing you a safe and healthy life and I look forward to your comments. If you are looking for a knowledgeable, focused and goal-oriented Realtor in the Beverly Hills area who will help you achieve your Real Estate goals, please reach out to me directly! If you are looking for a pet friendly Beverly Hills Realtor who can handle and sell the most difficult properties that no one else could, please reach out to me directly!! If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 ( m) homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com I contribute a portion of my commission to local animal rescue organizations. Endre Barath, Jr. Realtor at Berkshire Hathaway HomeServices California Properties DRE#01238708
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