What Happened in the 2017 Real Estate Market?

What can you expect from the 2018 real estate market? Let’s take a look at the 2017 market recap and see which market trends may continue this year.

Looking to buy a home? Get a Full Home Search   

Looking to sell your home?  Free Home Price Evaluation

It’s time to recap what happened in the 2017 real estate market. I also have a forecast of what you might be able to expect in 2018 for Porter Ranch and the San Fernando Valley. 

2017 started off with very low inventory. There were only about 47 properties for sale out of 11,600 single-family units. We ended the year with slightly less inventory. That low inventory really fueled the market—not just here in Porter Ranch but all over Southern California. 

When you look at the inventory in 2017, it stayed very low the first half of the year. In June, as spring transitioned into summer, inventory doubled from what it was at the beginning of the year. Still, it just wasn’t enough to satisfy buyer demand. Even though inventory increased in the summer, that inventory got gobbled up. 

From the beginning of 2017 to the end of 2017, inventory decreased by 24% and the average price in San Fernando Valley went up 13% in most neighborhoods. 

In most neighborhoods, there is only two to two and a half months of inventory in most areas. As a result, most prices are going up. 

Low inventory really fueled the 2017 real estate market.

In order to have a healthy market, there need to be about 7,500 homes for sale in the San Fernando Valley. If you look at the total amount of inventory at the end of 2017, we only had about 1,700 homes for sale. That is down from the 2,200 homes for sale at the end of 2016. 

You can see more details about the 2017 real estate market in these charts. 

So, what can you expect in 2018? 

I think the 2018 market will be more of the same. There is very little inventory and economic growth in the San Fernando Valley as a whole economically. A lot of people are priced out of areas like the West Side, Pasadena, Glendale, and the South Side of the Valley. As a result, more people are moving up to the North Side of the Valley, where they can get more house for their dollar. Homes are moving quickly in this area because they are more affordable and there is a lot of competition. I predict that we will see about 5% to 9% growth in both neighborhoods. 

If interest rates go up, that could have an impact on our market. We’re also keeping an eye on how the new tax reform bill will impact real estate here in the San Fernando Valley. We’ll have more information about that in our next video. 

Do you want to know how much your home is worth in the 2018 market? You can get a free market evaluation here. 

As always, please don’t hesitate to reach out to me with any other real estate questions. I would be happy to help you!

A Market Update for San Fernando Valley Real Estate

We’ve seen some great trends in the real estate market so far this year. Here’s what we’re keeping an eye on.

Looking to buy a home? Get a Full Home Search   

Looking to sell your home?  Free Home Price Evaluation

It’s been awhile since we’ve given you a market update for Porter Ranch and the San Fernando Valley. There are a few statistics we’ve been tracking that we wanted to give you an update on.

Back in March, the median price in the San Fernando Valley jumped to $671,500. It’s been sticking around that level since then. We’re still seeing a lot of low inventory, which is keeping the market very strong.

Back in June, we saw a spike in inventory. In the three months since, we’ve seen a considerable drop as buyers continue to take advantage of the opportunity to buy with a low interest rate. We had 92 properties for sale in Porter Ranch in June, but we only have 75 on the market right now.

The average time for a home to sell for the San Fernando Valley as a whole is 39 days, but it only takes an average of 32 days in Porter Ranch. The key to a quick sale is pricing. If a home is priced right, it should be sold within a week or two.

The key to a quick sale is pricing.

Only 2% of home sales in the San Fernando Valley are coming from foreclosures these days. With that being the case, you’re starting to see certain neighborhoods hit their pre-2007 highs in terms of home values. The California Association of Realtors predicts a more healthy appreciation of 2% to 4% this year. 

That’s all we’ve got for now. If you have any questions about the market or anything else related to real estate in the meantime, don’t hesitate to give me a call or send me an email. We can’t wait to hear from you.

Southern California Real Estate Market Update

How is the market doing in the San Fernando Valley area? I’ve got the recent numbers in my latest video.

Looking to buy a home? Get a Full Home Search   

Looking to sell your home?  Free Home Price Evaluation

How does the summer market look in our area? Before we launch into the update, I wanted to let you know that we have a couple of links for a list of all the local fireworks shows happening on July 4th. 

Inventory has increased since April. That’s fairly typical of this time of year, where we see an uptick in inventory as the spring season moves into summer. The properties are still selling, but the inventory numbers have definitely increased. 

In the end of April, we had about 2,200 homes for sale in the entire San Fernando Valley, and now we’re looking at almost 2,700 properties that have been listed. In Porter Ranch, there were 65 properties for sale in April, and now you’re looking at closer to 90 properties.

With these numbers, the inventory is still quite low.

With these numbers, the inventory is still quite low. Obviously there is more to choose from for buyers than there was a few months ago, but that inventory is still quite tight. Furthermore, even though we’re seeing more properties come onto the market, it doesn’t make much of a difference in inventory because demand is so high. 

You can really see that reflected in the amount of closed escrows, which is up 30% from this time last year. In May of this year, we saw over 1,700 closed escrows in the San Fernando Valley, which is up from 1,300 in May 2016. 

The other big news is that the Fed raised the interest rate again, but the rates really haven’t been that affected. We’re actually hovering around 4.5%, and buyers are currently qualifying with rates between 3.75% and 4% interest. 

Right now the market is still very strong and properties are selling if they’re priced correctly. If you have any questions or you’re looking to buy or sell a home, please give me a call. I’d be happy to help you!

What’s Happening in the San Fernando Valley Real Estate Market?

Today I’m bringing you the latest market update for the San Fernando Valley and Porter Ranch.

Looking to buy a home? Get a Full Home Search   

Looking to sell your home?  Free Home Price Evaluation

What’s going on in our local real estate market?

Last time, we let you know that inventory was incredibly low. It has gone up a bit in the spring buying and selling season, but it is still very low. 

At the end of March, there were only 2,100 homes for sale in the entire San Fernando Valley. In Porter Ranch at the end of March, there were only 45 homes for sale out of 11,409 single-family homes in the area. That number actually went up above 60 at the beginning of April, but due to the number of buyers looking for homes, that number has already reduced into the low 50s. I expect that trend to continue and repeat itself over the course of the next few months because buyers are anxious to take advantage of current interest rates. 

The number of homes currently under contract in the 91326 zip code is 55. The number of homes that have actually closed in the 91326 since the beginning of 2017 is 94. The amount of homes that have actually closed throughout the San Fernando Valley is down significantly from last year to this year, which again has a lot to do with the lack of inventory we’re currently seeing. 

If you’re not priced correctly, don’t be surprised if you end up sitting on the market for awhile.

If homes are priced correctly, we are still seeing multiple offers across the board. Buyers are being picky and cautious so if you’re not priced correctly, don’t be surprised if you end up sitting on the market for awhile. 

If you have any questions about the market or real estate in general, feel free to give us a call or send us an email. We would love to hear from you!

How Is the 2017 Market Doing So Far?

How are the Porter Ranch and San Fernando Valley real estate markets doing so far this year? Tune in for our market snapshot to find out. 

Looking to buy a home? Get a Full Home Search   

Looking to sell your home?  Free Home Price Evaluation

Here is your market snapshot for Porter Ranch and the San Fernando Valley. 

We are two months into 2017 and our housing inventory is very low. Of course, we had low inventory in 2016, but look at these numbers: 

In January of 2017, there were only 47 properties for sale in all of the 91326 area code and only 45 for sale in zip code 91344. We have seen a good number of houses come on the market, but most of those are selling if they are priced appropriately. 

Since the beginning of the year, the number of homes for sale in 91326 has ranged from 35 to 41 out of 11,500 single family units. When you look at how many months of supply are actually on the market across the San Fernando Valley, you’ll see that most neighborhoods have between 1.5 to 2.2 months of inventory, which is really low. 

When you look at the actual number of active listings in the entire San Fernando Valley, you will see that there are about 2,300 properties for sale. In order to have an even market, we need 7,500 homes on the market. 

Homes that are priced correctly will sell quickly.

We have talked a number of times about why inventory is so low right now. Buyers are still out there in full force but they are not desperate. These buyers are willing to hold out if the house is not priced correctly. The homes that are priced properly and show well are the ones that get sold. 

Since home values have gone up so much over the last couple of years, buyers are much pickier. If your home is priced correctly though, you can still draw multiple offers and sell within one to two weeks. 

According to the California Association of Realtors, you can expect home values to increase between 3% and 5% over the next year. Based on the first two months of 2017, it looks like that prediction will happen. 

If you have any questions about our current market or about the home buying or selling process, give me a call or send me an email. I would be happy to help you!

What Does 2017 Hold for Our Market?

Today, we're taking a look back at how buyers and sellers were affected in the 2016 market and looking ahead to how they might fare in this year's market.

Looking to buy a home? Get a Full Home Search   

Looking to sell your home?  Free Home Price Evaluation

Happy New Year! Today, I wanted to take a look back at the market from 2016 and look ahead to predictions for what we will see from the Porter Ranch market in 2017.

This year, we saw a lot of price gain throughout California. Many neighborhoods in the San Fernando Valley saw values rise close to pre-recession levels. However, inventory was quite low throughout most of the year; 10% to 30% less than 2015 depending on the neighborhood. This really made 2016 the year of the seller.

The amount of sales actually decreased despite high demand, but that's because of the low inventory. There's also not many places to build new homes. The big issue for buyers now is making sure they can remain in the market with prices having gone up exponentially over the past few years and affordability dropping below 30% in our state.

We definitely want to keep an eye on interest rates in 2017.

These are things we'll need to keep an eye on this year, especially considering that toward the end of the year, interest rates increased by about 0.5%. This actually affects the amount of money buyers can afford to spend on a home. We even had a few instances in November where the buyer had to bring in more money because they didn't lock their rate in before the increase.

The Fed is expected to raise rates multiple times throughout 2017. If they do, it will obviously continue to affect the purchasing power of buyers. We're seeing that when many homeowners buy a new home, they keep their current property due to the fact that if they purchased in the last seven to eight years, there's a good chance they have an interest rate under 4% that they don't want to give up. This is more inventory that's not coming on the market. 

In 2017, interest rates will be the big thing to keep an eye on. Again, rates continuing to go up would slow down the market because it would affect buyers' purchasing power. Demand is still high and inventory is still very low. We'll certainly keep you updated on the market throughout the year.

If you have any questions about our market or you're thinking about buying or selling a Porter Ranch home, give me a call or send me an email. I'd be happy to help.

What’s Happening in Porter Ranch Real Estate?

The Porter Ranch real estate market is showing positive trends all over the place. Low inventory and low interest rates are great for buyers and sellers.

Looking to buy a home? Get a Full Home Search   

Looking to sell your home?  Free Home Price Evaluation

It may be hard to believe, but we’re already in September. With the fall season here, we thought it would be a great time to give you a quick update on what we’re seeing out there in the real estate market.

Inventory is still quite low in Porter Ranch, as are interest rates. A combination of both has allowed prices to remain stable. However, there’s not a lot out there for buyers to choose from because we haven’t seen as big of an influx in inventory this summer as we’re used to. Inventory is down about 9.5% from this time last year, but buyers are still active. There are lots of buyers looking to take advantage of low interest rates by getting into new homes.

We won’t know where rates are heading until December.

With higher demand and a diminished supply, a lot of people who have bought homes over the last few years are choosing to not sell. They are instead keeping their properties as rentals and buying another home. That’s keeping a lot of inventory off the market.

What can you expect over the next year? A lot of that is going to have to do with what happens with our inventory and our interest rates. We won’t really know much more until December when the Fed meets after the election. Here’s what we do know: it’s a great time to buy with these historically-low rates.

If you have any questions for us, don’t hesitate to reach out. We look forward to hearing from you soon.

How Brexit Affects Us Here in Porter Ranch

Looking to buy a home? Get a Full Home Search   

Looking to sell your home?  Free Home Price Evaluation

Today I’m joined by our preferred lender Brandon Moss from Prime Lending to talk about the impact of the United Kingdom leaving the European Union and how it affects our market here in Porter Ranch.

As Brandon points out, we saw stocks plummet significantly after the Brexit. Basically, it’s the fear of the unknown; we don’t know how this will affect the U.S. and the global economy, but we’re seeing investing move away from stocks and toward the safe haven of bonds. The U.S. dollar has improved as well. This helps interests rates here at home.

It’s predicted that the Brexit will have an impact on interest rates. Brandon noted that the Fed will meet this summer, and because of the Brexit, the likelihood of them raising rates is basically zero. More importantly, Brandon says, it may take the rate hike off the table entirely for 2016. The Fed looks at both the U.S. and global economies when considering interest rates.

“

It may take the rate hike off the table entirely for 2016.

”

It has a positive impact on home buyers because it has meant lower rates now, and likely also lower rates in the coming months. It’s a perfect time for buyers to get into a home, or refinance. Even if you’ve refinanced in the last six months, rates are better now, and it would be worthwhile to look at it again. If you can get a good interest rate, lock it in! This market can change, and now is a historically low time for interest rates.

If you have any questions about lending or mortgages in general, you can email Brandon at BMoss@PrimeLending.com or you can call him at 818-256-4330.

Are There Any Homes Left in Porter Ranch?

Looking to buy a home? Get a Full Home Search   

Looking to sell your home?  Free Home Price Evaluation

It's hard to believe that we're almost at the end of May already. So far this year the Porter Ranch market has gone up in value and inventory remains very low. It's low all over Southern California. In 91236, only 76 homes are for sale out of 11,209 single-family units! Low inventory and low rates - hovering around 3.625% - are fueling the market. In open houses, we're seeing big groups come through, across the board in all price ranges.

“

The Porter Ranch market has gone up in value.

”

One thing we're seeing is that sales are down 15% to 25% in certain neighborhoods. A lot of it has to do with the fact that not many people are actually selling. Through April though, the amount of closed escrow is almost identical to 2015. We've only got 1.5 months of inventory available right now. A healthy market would have four or five months. We don't expect much of a change this summer.

Please give us a call with any real estate questions! We'd love to work with you. 

Why Is Inventory So Low in the San Fernando Valley?

Looking to buy a home? Get a Full Home Search   

Looking to sell your home?  Free Home Price Evaluation

Today I want to address a major issues affecting our entire real estate market in Southern California and the nation as a whole. Why aren’t there enough homes available?

“

Low inventory has become a nationwide trend.

”

We have mentioned many times that for a neutral market in the SFV, we need at least 7,000 homes available for sale. We currently have a total of 2,400 homes, and it has been this way since December. There are a few reasons for this massive decline in inventory.

1. Interest rates are incredibly low, and they are still under 4%. Buyers have taken advantage of this and have bought up many homes.
2. Small time investors and institutional investors are also gobbling up homes right now. This inventory is being rented out and they’re making a lot of money, so it simply doesn’t make sense for them to sell these properties.
3. We have a sustained low interest rate environment. This means that many people have refinanced or locked in ultra low rates. This means that it is unlikely for these homes to come onto the market anytime soon.
4. There aren’t a lot of places for the move up-buyer or for the downsizing buyer to move. This means that they’re staying in their current homes until the market improves for buyers.
5. The recession has caused a lot of stunted development over the past few years. Not as many new homes have been built, and this has put pressure on our inventory levels.
6. Population growth and job growth in Southern California have increased the amount of people who need housing, and this is putting extra stress on the availability of homes.

The supply of homes in the entire United States is 8.6% below what it was last year. This has also caused home values to increase by 4.2%. Low inventory and high demand will inevitably push prices higher in Southern California.

If you need help navigating this difficult market, then you know who to turn to for help!

The San Fernando Valley Real Estate Market Is Going Strong

Buying a San Fernando Valley home? Get a full home search   
Selling your San Fernando Valley home?  Free Home Price Evaluation

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!

What Do Recent Market Trends Mean for You?

Buying a San Fernando Valley  home? Get a full home search,  
Selling your San Fernando Valley home?  Free Home Price Evaluation

Hello, and welcome back! Today, we're going to recap the first quarter of 2015 here in the San Fernando Valley!

Back in January, there were about 2,800 homes for sale in the San Fernando Valley. As we've previously explained, there needs to be at least 7,500 homes for sale in our area in order for the market to be neutral. With our current low level of inventory, sellers have a big advantage in our marketplace. Although inventory levels remain low, we saw an increase in homes for sale of 15-20% at the beginning of march; this is great news for buyers, as it means that there are still plenty of homes to choose from!

Recently, buyers have been patient because home prices are high. They are waiting for the perfect home, as they don't want to spend a ton of money on a home that doesn't satisfy all their needs. However, if your home is in great condition and has the proper updates, you can still expect it to go for top dollar and sell quickly.

While we're still seeing home appreciation in 2015, it is at a much more sustainable rate than it's been over the past few years. Because of this, there are fewer investors in the marketplace and there is a lot of money coming in from overseas. Properties are still selling, but they must be priced appropriately if you want to meet your selling goals.

If you have any questions about conditions here in the San Fernando Valley, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to help you make informed decisions in our marketplace!

What Do Changing Conditions Mean for Our Market Moving Forward?

There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 818-720-9922 for a FREE home buying or selling consultation to answer any of your real estate questions.

 
Hello, and welcome back to our video blog! We hope everyone had a safe and happy holiday season!

With 2014 on the books, there's no better time to take a look back and recap what we saw in real estate over the last 12 months. Last year started off with a bang, as we saw large price increases at the beginning of the year. With prices recovering, we saw the exit of a lot of cash-offer investors from the market. Around June of 2014, we started to see the market level off, as there were more traditional buyers and sellers active in the market.

As far as inventory goes, there were only about 2,400 homes in San Fernando Valley on the market in the first half of the year. By August of 2014, that number spiked to 3,400 homes on the market. This can be attributed to more homeowners wanting to take advantage of rising home values.

As we made our way into the holiday season, we saw interest rates drop from 4.5% to below 4%, which triggered another surge of demand for homes. By the end of the year we saw inventory fall back down to 3,100 homes on the market. Over the course of 2014, we saw an 8% change in inventory.

What does all of this mean moving forward? We think the market will be much more normal in 2015. As a result of improvements in the economy, we're expecting a much more balanced market. There will likely be an increased inventory of homes for sale, which will really help fuel the demand for homes.

You should expect a slower appreciation rate (5.8% in gains after 2015) and less competition among cash-offer investors. One thing to keep an eye on is interest rates. They're predicted to go up in 2015, and many expect them to hover around 4.5%, which wouldn't be so bad.

Thanks for tuning in once again! If you have any questions about real estate conditions going forward, or have questions about a more specific topic, give us a call or shoot us an email. We would love to hear from you!

The Porter Ranch Market Is Still Warm Despite Recent Cooling

There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 818-720-9922 for a FREE home buying or selling consultation to answer any of your real estate questions.

Conditions here in LA County have been quite interesting lately. Going back to the beginning of the year, we had only 2,361 properties for sale on our local MLS. For the month of October, we have well over 3,700 homes for sale. What does this big shift in inventory mean?

For one, it means buyers have more options. Before, sellers were competing with 3-5 homes - now, they are competing with 10-15 homes at a time. We've also seen a jump in days on market: from 31 days to 48 days. This can be attributed to buyers having more homes to choose from and taking their time. It helps that interest rates are still at historic lows, at just below 4.5%.

The good news for Porter Ranch and the surrounding area is that we've seen a 10% gain, and distressed property sales have fallen from 17% to under 10% since this time just a year ago. Most of the sales we're seeing now are under normal circumstances.

The market was red-hot at the beginning of the year - now, we're seeing stable conditions. The market is growing at a normal pace, rather than falling after a great start to the year. The chances are, if you price your home right, you'll get it sold in under 30 days, which is certainly ideal for sellers.

Here at the Scott Himelstein Group, we've managed to get homes sold in under 20 days on average. So, if you're interested in buying or selling in the LA County area, don't hesitate to reach out to us. We'd love to make your real estate transaction as beneficial as possible!

Fannie Mae is Changing Some of Their Guidelines- We are Here to Help!

There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 818-720-9922 for a FREE home buying or selling consultation to answer any of your real estate questions.

Thanks for returning for another edition of our video blog. Today we are talking about a very important topic that's going to affect the marketplace. On August 15, Fannie Mae will change up their guidelines for those who have gone through a short sale or foreclosure. Now, instead of waiting 2 years to buy a home, which has been the case, someone who has a short sale or foreclosure will have to wait 4 years.

One of the biggest reasons we have been seeing price gains here in Southern California is because so many people that have gone through short sales or foreclosures have been able to purchase a new home relatively shortly after.  Before August 15, you will have to have your DU underwriting set in stone, in addition to being in escrow. If you have to wait until after the deadline, you will be in trouble and see a lot of people in the same boat. There are exceptions, however, including extenuating circumstances that cause financial hardship. This won't be the case for a lot of people, however. People who have gone through short sales, a lot of times did so for reasons other than financial. These people will be hit hard by this Fannie Mae decision.

If you are in a situation where you have done a short sale within the last couple of years, this will really affect you - now you have to wait at least 2 years longer. We will have to see how this shakes up the marketplace.

Thanks for taking the time out of your day for us, If you have any real estate questions, please give us a call or send us a text. We would love to help you out!

July Market Update for San Fernando Valley

There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 818-720-9922 for a FREE home buying or selling consultation to answer any of your real estate questions. 

The year is halfway over, making now an ideal time to give you an update on the San Fernando real estate market. Right now, the market is still very strong, with a good deal of activity from both buyers and sellers. There are currently 3,200 homes for sales, which is up from about 2,600 at the beginning of the year. However, this means we still currently have a seller's market. 

At the beginning of the year, we saw homes sell quickly before interest rates went up - which had a leveling effect on the market. Today, rates have fallen back down to about 4.1% for a 30-year fixed rate mortgage. That's a solid rate if you're looking to buy a home, and we don't know how long it will be before we see rates rise again.

Another important thing you should know about the current market is that appreciation is not like it was last year, where house prices were jumping at an incredible pace. It is currently at a healthy rate, with properties appreciating at about 1-2% a month. This has brought buyers back into the market, increased demand, and created a lot of multiple offer situations - all of which are great news for those looking to sell a home.

The average time on the market is 39 days - but it is not uncommon to see a home sell with multiple offers within the first week if it is priced right. In addition, many homeowners who either had a short sale or were foreclosed in the past few years are back in the market. They represent a large pool of buyers who have been absent until recently.

As you can see, there are many reasons for buyers and sellers alike to enter the market. If you have any further questions about current market conditions in San Fernando Valley, or are interested in buying or selling a home, feel free to send us an email or give us a call. We'd love to hear from you.

What You Need to Know about Real Estate in Porter Ranch this March

There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (818) 993-1300 for a FREE home buying or selling consultation to answer any of your real estate questions.

What You Need to Know about Real Estate in Porter Ranch this March

The market here in Porter Ranch and the San Fernando Valley has seen tremendous growth in the past few years. However, these gains that we've seen in the past are starting to soften up a bit and lead us into more of a lukewarm market. There are a few different reasons why this is happening and I'm going to share them with you.

Why the Market is Softening Up

• Inventory has nearly doubled: Buyers have a lot more options when it comes to purchasing homes, so now their choices really come down to price and condition.

• Even though inventory has doubled, it is still very low, and even by doubling what was available in December and January, we are still experiencing a shortage in homes.

• Demand is high and interest is very low: Multiple offers are becoming common in this market as it caters heavily to sellers.

• However, homes are very price sensitive right now. This is because of the flood of new inventory. With all the extra homes on the market, these properties have to compete with each other for the best price in comparison to their real value.

• This gives buyers a bit more leverage in a market that otherwise favors sellers, because buyers can gauge a good price relative to other available properties.

Hopefully this explanation has been helpful to you. If you have any questions about this analysis or any concerns relating to buying and selling property in Porter Ranch, please contact me. You can call me at (818) 720-9922 or email me at Scott@ScottWorks4u.com