The Northeast Los Angeles Market Update You've Been Waiting For
Tracy King Realty
What a difference a year makes!
Within twelve short months the real estate market has done a complete turnaround:
• The number of homes listed for sale is at an all-time low. Today there are 16 homes for sale in Eagle Rock. This time last year there were 42. In Highland Park there are 25 for sale, compared with 81 Highland Park homes for sale last year.
• The number of buyers looking for a home is growing every day. As we talk with buyers at our open houses we're hearing less "I'm not sure we've hit the bottom yet" and more "I really want to buy a house now."
• Most homes that are market priced are selling in multiple offers over the asking price. All of the homes we've closed escrow on this year received multiple offers.
• The competition for homes is increasing every day. We recently submitted an offer for a client on a house that had 22 total offers, and went to an all cash offer.
• Many buyers are paying all cash, are willing to close in a very short period of time and will offer a lease back option if helpful to the seller.
• Interest rates continue to hover at historic lows.
Without a question, this is the best time to sell your home in the last five years.
If you are thinking of selling your home you might be very surprised at what a buyer will pay in today's market.
If you are interested in moving up, this is the perfect time. The opportunity to get a great price for your current home and buy a new home as values rise is incredible.
This could also be the ideal time to make a great real estate investment, whether you are thinking about buying or selling.
Real estate in Northeast Los Angeles is very exciting again!