It's hard to imagine that we are only 2 months away from a new year. The Dodgers beat the Yankees in a thrilling Game 5 and the Presidential Election is just a few days away. But the real question is “what is going on in the Real Estate Market?"
I adopt a cautious thought process when I see the media and the Feds on the same page, both painting what I call a "very rosy picture" - the economy is fine and improving while inflation is down to 2.8%; you get the idea. So, what is the reality? The reality is that home prices have been and will continue to rise, just as rents have been increasing along with groceries, water, electricity and gasoline. Interest rates are hovering between 6%-7% for home loans. With a 3% annual growth, the current home prices will double in 20 years if you do the math; this is all historical reality, not a political statement.
A shortage of inventory remains for homes and condominiums, thus keeping those property prices high. There is no glut, properties that are priced well sell in under 50 days while over-priced ones linger on the market, skewing the statistics you see in the headlines. Just as it was years ago, nothing has changed.
If you are considering buying, I strongly suggest that you do not wait; consider buying sooner rather than later. And if you are considering selling, don't believe the myth that no one is buying during the holidays. Over the years, I have sold more properties during November and December than in January and February. Why? The serious buyers and sellers are out there, and I answer my phone, texts and emails relatively quickly. Add to this that there is less competition, and those that are buying are more serious and understand the long-term benefits of home ownership.
Don't forget to FALL BACK your clocks this weekend, honor our Veterans on November 11, and have a happy Thanksgiving if we do not connect. As always, I will be available to answer any questions or talk about real estate, even during the Holidays.
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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