Several sellers wonder if they've missed their chance to sell their homes as we head into the winter months. Many people have asked me, "Is it a good time to sell in the fall?" Actually, fall is a great time to sell. If you look at the numbers, you'll see that inventory in the fall is extremely low. In our last video, we talked about how inventory has dropped by almost 40% across the San Fernando Valley. Right now, listings are at a premium. We have more demand than supply due to historically low interest rates that continue to hover around 4%.
Even if you look at the statistics over the last few years, you'll see that more listings close escrow in November, December, and January than the number of listings on the market. Because rates are so low, buyers don't want to lose out. If your home is priced right, fall is a very good time of year to sell. If you look at June, July, or August, when our 2015 inventory levels were at their highest, the buyers had a lot of choices. In the fall, with winter approaching, fewer homes are on the market which means sellers will be in a good situation because there is less competition. If you wait until March or April to list your home, then you need to prepare for a lot more competition. Ultimately, if you want to sell your home, now is the time to do so. If you have any questions for me, give me a call or send me an email. I would be happy to help you!
"Perry has lived in North Ridge for a little over 40 years. When he and his family got to the point where they wanted to sell their house, the only person who came to mind was me. They chose me because I have worked in the area for many years and have built relationships with people here. Perry liked that I'm an earnest, hardworking agent who doesn't put any unnecessary pressure on people. He also liked the fact that I was always available to answer his selling questions. The sale was a complete success. The first potential buyer I brought to the home ended up buying it! Not only that, but they bought it for more money than Perry was asking for! He couldn't be more excited, and would highly recommend that anyone looking to buy or sell a home work with our team! If you're curious about how we can help you, don't hesitate to reach out to us!" - Scott
Today, I'll give you a quick real estate market update for the San Fernando Valley. Fall is upon us, we're beginning the fourth quarter, and things are still going strong. If you look all the way back to January 2015, there were 2,743 homes for sale. That number went up to almost 3,000 homes at the end of May, and by the end of August, we had almost 3,300 homes on the market. That's still a seller's market. As I've mentioned before, you need to have 7,500 homes for sale to have a neutral market.
Last month, the interest rates dipped and the inventory dropped to 2,279. Now, it is kind of a seasonal pattern for inventory to drop in September. However, since the interest rates dipped, a lot of buyers went out and purchased homes, which contributed to the homes on the market dropping from 3,300 to 2,279. Right now, you're looking at a less than 3-month supply of inventory on the market. The average number of days on market is 66, and we're still seeing a lot of multiple offer situations. If you put your home on the market and price it correctly, you can still attract multiple offers to your property. That is our market update. If you have any questions, give me a call or send me an email. I look forward to hearing from you!
"From day one, this woman living in Venice Beach felt like she was never on her own in the transaction. She appreciated the way that we stuck by her side and took care of all of the little things for her. She says there is nobody better than our team, and we were very pleased to help her find a beautiful home in Venice Beach. Hopefully we can help you to find a good home as well!" - Scott
