Hello Valley ViIlage Homeowner,
Summer is in full swing and I hope that you are getting out to enjoy all that our amazing city has to offer, despite our continued battle against COVID.
To make sure that you are aware of all of the fun and exciting activities that we have at our fingertips, here is my events calendar for August. As a reminder, for the months that my calendar is not included with my letter, you can always find a downloadable and printable copy on my blog at https://www.lukeallenre.com/blog/
Our market here in VALLEY VILLAGE is as busy as ever, for now. As we near the end of the summer home-selling season, we will likely start to see buyers that are “school focused” drop out of the market until next spring. This will thin the buyer pool to some degree, though demand is expected to stay strong enough to keep us in a seller’s market.
According to Altos Research, nationally we are likely to see the season finish off with a price appreciation end up in the 12% range (over last year). Predictions for next year are projecting smaller gains, likely in the 5% range. In laymen’s terms, prices will continue to climb, but it will be at a much slower pace than we have experienced over the past year.
Is Now The Perfect Time To Sell?
Regionally, Southern California’s median home price catapulted to an all-time high this month to a median price of $680,000, a whopping 22% over last year! I personally know owners that have cashed out of their homes and are living in rental properties because they feel that we are at the peak of the market & they will be entering a new phase of their lives, outside of Los Angeles. CBS reported on this and you can see the full story here: https://cbsloc.al/3BpL2Kr
Please know that I am here to serve our community as your neighbor and fellow Valley Village homeowner. I am available for any and all of your buying, selling, or leasing questions!
Warmest regards,
Luke
