Winter 2007
Hope is in the Air

Snow in Malibu.  Freezing temperatures in Los Angeles.  And yet there is a lightness in the air around real estate…2006 is over!  Bring in 2007.

We are just 3 weeks into January and Open Houses are flooding with eager buyers, the phones are ringing; people are thinking it is time to get back into the market.  Hope is back.

What buyers had hoped would happen last year, and the media, always the bad guys, had been talking about everyday — namely that prices would drop 50% — did not happen. 

True, prices only rose 6-7 ½% from the year before.  After 5 years of 20% increases it seems quite small.  However they did rise, and economists are predicting that they will continue to rise at this pace in 2007.

True, sales volume declined in some areas around the country by as much as 50%, and inventory of unsold homes is higher.  Good news for the buyers; not good news for the sellers.

However in many areas on the Westside there were record sales prices:  north of Montana in Santa Monica, Ocean Avenue in Santa Monica 90402, single family residences in Pacific Palisades, condos in Santa Monica 90403, and properties selling above 5-10 Million dollars.  If the property is exceptional, if the property is “priced right,” there are buyers waiting in the wings to snap it up immediately.

Let’s see how this will translate in the months to come as more inventory gets on the market.  My bet is, with opportunities everywhere, it's best to act while expectations are rising.

ARE YOU WONDERING WHAT YOUR HOME VALUE IS?
ARE YOU IMAGINING YOUR NEXT HOME?

CALL YOUR EXPERT NEXT DOOR