What is the current trend in the real estate market in Sherman Oaks and Studio City? What are the end of the year trends? We’ve taken a look at what’s been happening with buyers and sellers on the real estate market to put together this end of the year report.
Home Prices are Stabilizing
The past few years have shown a huge inflation in home sales and their prices. The past few months have shown a trend toward stabilizing the market prices. Greedy home owners have been attempting to find the market ceiling by raising there prices sometimes $500,000 above the market comp. Now, we’re seeing those same homes reduce there price to more accurately compete in the current market. While over-priced homes tend to drop the price after the busy summer seasons, real estate agents are seeing more homes than usual re-adjust their sale price.
Home Buyers Still Buying
The vibrant selling market filled with high priced homes is finally stabilizing. With home prices on the rise over the last several years, we’re finally seeing buyers stand up to the price inflation. Mortgage rates are still low, buyers are still hungry. However, the huge influx of homes has created a multitude of options for buyers. Allowing them to shop around. It’s what the market has indicated. There is more inventory now then there was a year ago today. An accurate appraisal and listing price are important more than ever.
Listing on the Appreciative Trend
People list their houses on the trend of an appreciative market. However, the last few months the appreciation rate has been decreasing. Furthermore, new constructions are coming out very high, and slowly working their prices down. This business-first approach is off-setting the market significantly when home owners are evaluating the market. As a result, greedy sellers are being forced to return to the table to pull back from their initial, inflated sale price. To circumvent this problem, the new “normal” sellers need to find a good realtor with experience andlisten to the agents when it comes time to set your home’s “true value.”
Appreciating Home Values
Home values are still appreciating. The market isn’t slowing down, per se. No instead, the over priced homes are the one’s suffering. A combination of new, eager Realtors promising the world, and home sellers shooting for the star has forced buyers to wise up to the widespread inflation. The good news, home sellers will benefit from the realistic appreciation, while the buyers are eager to get a good deal.
Dear Home Buyers,
Now is a good time to re-enter the negotiating ring with past homes that may have been “just” out of your price range. With the end of the busy season and the stabilizing market trend, home owners may be more willing to shave a few $10,000s of the top, if not more.
Happy Hunting and remember to contact Matt Epstein to find your dream home.
Matt Epstein is a top real estate agent in Sherman Oaks and Studio City. With over 25 years experience as a local real estate agent, Matt knows the ins-and-outs of San Fernando Valley culture, housing and living. Follow his blog for weekly news, real estate insight and beautiful new listings. He consistently ranks in the Diamond Circle at Berkshire Hathaway. Matt is considered part of the the top 1% of realtors nationwide.