Hello fellow Valley Village Homeowner,
Well, we are in the home stretch of 2021 and the winter holidays are just down the road. While this last year has continued to be trying for many of us personally, the housing market has been as hot as ever, with homeowners seeing a sharp increase in our equity.
I can tell you from personal experience, the market continues to be incredibly strong for sellers. Properties are receiving multiple offers and are selling for more than they “should” based on the comps. Most sellers are choosing a pricing strategy of coming to market just under value, using buyer competition to push the final selling price up and over market value. With the number of buyers competing, it is impossible to underprice a property in our current market because competition will correct undervalued listings.
Some economists insisted that the end of mortgage forbearance was going to bring a flood of distressed listings for sale, thereby tanking the housing market. This has not come to fruition. Each week there have been 10% less properties in forbearance and we are seeing virtually zero come to market. Why? While those properties were in forbearance, the owners gained equity, putting the owners in a much stronger ownership position. Additionally, nationally we currently have a record low number of properties in foreclosure. You can watch the full Altos report here: https://bit.ly/AltosForbearanceEnds
Ok, on to the fun stuff! Enclosed you will find a flyer full of festive fall events in and around LA to keep the entire family entertained all November long!
Please know that as your fellow VALLEY VILLAGE homeowner, I take great pride in helping our neighbors navigate the everchanging real estate landscape. There are no “dumb” questions, so please don’t hesitate to reach out with any buying, selling, or leasing needs that you may have!
Kind regards,
Luke
