Hello Valley Village resident,
Lately I have been getting questions nearly daily from current & past clients, neighbors, family members, friends, as well as from VALLEY VILLAGE homeowners like yourself. They are all asking “How is COVID-19, and the government’s response to it, impacting Real Estate?”
The answer greatly depends on what you are trying to accomplish. Are you looking to buy? To sell or lease your existing property? Are you looking into a refi? Do you have a property that is tenant occupied? Your situation is unique to you! That is why having an individual conversation, instead of making a blanket statement, is so important.
While I don’t have a crystal ball, I will let you know some general indicators… Active listings are more limited, buyers are still eager, properties are going under contact, and sales are closing. While the total volume of sales is smaller, the average price is staying very stable.
Exterior factors that exert pressure on home prices:
Interest rates: Currently at historic lows, benefits sellers. More buyers can afford to buy a home the lower the interest rate is, creating a larger buyer pool.
Supply of available homes: Currently very low, benefits sellers due to buyers competing.
Time of year: We are entering what is typically the upwards slope of our peak time.
Unemployment: Currently high, could point to eventual downwards pressure on home prices.
Stock Market: Unstable, could drive investors to real estate as a safe haven.
Below you’ll find home sales activity for VALLEY VILLAGE for March & April. A quick overview will show you the properties that sold swiftly were from the result of proper pricing and an in-demand market. Overpriced properties took longer to sell and sold for under asking.
You can keep up to date on all things real estate related, as well as view past newsletters on my website: www.LukeAllenRE.com/blog/
Now more than ever, I am here to help you with your real estate needs, anywhere in the greater Los Angeles area. I am always just a call, text, or email away!
Kind Regards,
LUKE ALLEN
Realtor® - ePRO® - PSA® - SFR®
Mobile: 310.497.7754
Email: luke.jonathan.allen@gmail.com
Website: LukeAllenRE.com
Facebook: facebook.com/LukeAllenRE/
Instagram: instagram.com/lukeallenre/
License#02059886
Coldwell Banker
12930 Ventura Blvd.
Studio City, CA 91604
If your home is currently listed with another broker, this is not intended as a solicitation
