Hello fellow Valley Village Homeowners,
Summer arrives this month! Our village is coming back to life as restrictions ease and LA nears herd immunity. It is truly wonderful to be on the other side of the past (nearly) year and a half living through the COVID pandemic.
LAUSD recently announced that we will fully reopen schools for fall 2021. This is likely to spike the annual summer rush to get families settled before the new school year. We are starting to see more properties hit the market here in VALLEY VILLAGE, helping to build the available inventory. More inventory means that buyers are going to have more choices and sellers are going to have more competition.
It is also important to note that mortgage rates have been continuing to tick up. Higher mortgage rates mean that buyers can not afford higher selling prices. A good rule of thumb is that for every one percent that the rate increases, a buyer can afford 10% less on their purchase price.
Sellers are always looking for the “sweet spot”, the perfect time to sell, the height of the market… The trouble with that mentality is that you never know when that point is until it has past. What we do know now is that there is strong buyer demand, mortgage rates are likely to increase with the looming threat of inflation, and we still have below normal inventory levels. This means that it is a great time for owners to sell!
Next month you will receive the 2nd quarter recap of sales for 2021 in VALLEY VILLAGE along with the ALTOS market report to help you better understand the current market conditions. Be sure to keep an eye out for that.
In the meantime, if you have any buying, selling, or leasing questions, I hope that you’ll reach out to me, your neighbor and fellow homeowner!
Warmest regards,
Luke
