Where's the Real Estate Market Going Today?
It is a challenge to truly understand today's real estate market. There is a wealth of information available to buyers and sellers on the Internet, in newspapers and even on the radio. Plus, Los Angeles is such a large city with so many different types of communities and neighborhoods, from the beach to the base of the San Gabriel Mountains, that it's impossible to define the entire Los Angeles real estate market.As Probate & Trust Real Estate Agents serving Southern California, we have the advantage of experiencing the real estate market in many different areas. Since we sell single family residences, apartment buildings, commercial buildings and condominiums throughout the region, we also have a keen insight into what's really going on in the real estate market.
Within the last 3 weeks, we've had several properties that have been confirmed in court. As you may know, probate real estate sales that require court confirmation allow for a buyer to come to court and overbid (pay more) than what the seller initially accepted on the property. At the last 3 hearings to confirm a real property sale in court, each property sold for much more than we could have imagined. Some sold for 50% more than was initially accepted on the property!
So...is the market still declining or is it stabilizing?
On Sunday May 3, 2009, the Los Angeles Times featured a very interesting article on the front page of the Business section. The article discussed how buyers are getting into bidding wars on properties. We too have experienced this with several of our listings. Prices and home values in the city of Los Angeles have dropped. However, with interest rates so low and prices down, many buyers feel this is their opportunity to get into the real estate market before it goes back up again.
Price. It's all about price... AND... GOOD properties with good values, such as good location, desirable neighborhood, practical floor plan, etc. They will always sell fast.
Whether or not the real estate market is heating up, we are here to be a resource for you and your clients and your real estate needs. From the beaches of Santa Monica to the dry deserts in the Coachella Valley, we are your probate and trust real estate agents. If the timing is right to talk about real estate, call us at 310-777-2858 or visit our website at http://www.sanbornteam.com/.
