Hello Valley Village homeowners,
I hope this note finds you, your friends, and your family well.
There is no denying it, we are living though trying times. From emerging out of lockdown due to the COVID-19 pandemic, straight into justified civil unrest across the country... many of us are experiencing a complex combination of emotions. While I can not personally solve all of the problems of our country, I strive to be of service to our local community. When I say, ”I’m here to help” it is said with a heart full of sincerity.
Ok, on to the current Real Estate conditions here in VALLEY VILLAGE. In May we had 10 homes that sold, 4 are currently pending, and 8 are under contract, while we have 31 active listings. We are starting to see inventory levels increase, which could begin to apply downward pressure on prices if demand doesn’t increase at an equal or greater rate.
You’ll find sales for the month of May enclosed with this letter. You will see that proper pricing continues to fuel home sales here in VALLEY VILLAGE, while properties that were not priced correctly languished on the market and ended up selling at reduced prices.
There was one concerning development in May, when some major lenders halted processing Home Equity Line of Credit (HELOC) applications. (https://bit.ly/LARE62020) Some saw this as a lack of confidence on behalf of lenders on the future of home values. With the recent announcement of better than expected reduction in unemployment numbers, I would presume that confidence will return if the unemployment number continue to improve.
If you don’t want to wait for my next monthly newsletter, you can keep up to date on local and national real estate related news on my blog: www.LukeAllenRE.com/blog/
As your neighbor and local expert Realtor, please know that I am here for all of your real estate related questions and needs. I’m always just a text, call, or email away.
Kind Regards,
Luke
