What Are the Experts Saying About the Spring Housing Market for L.A. and Beverly Hills, CA?
What Are the Experts Saying About the Spring Housing Market for L.A. and Beverly Hills, CA?| Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
As the weather gets warmer, the spring housing market is starting to bloom, and experts are weighing in on what we can expect to see. If you’re thinking about buying or selling a home this season, it’s important to stay informed about the current state of the market.
One of the biggest factors impacting the market right now is low inventory. According to Selma Hepp, Chief Economist at CoreLogic, “We see more competition among buyers . . . Housing supply also tends to grow during the spring months.” However, Jeff Tucker, Senior Economist at Zillow, notes that “New listings are increasing, which they almost always do this time of year, but not nearly as quickly as usual.” This means that while there may be more homes on the market compared to previous months, it’s still a highly competitive market.
Another important consideration for buyers is affordability. While mortgage rates are currently low, home prices are still high in many areas. Rick Sharga, Founder and CEO of CJ Patrick Company, advises that “If you can find a home you love and can afford at today’s prices, don’t wait. Home prices in most of the country are unlikely to crash, and mortgage rates will only come down very gradually if they decline at all this year.”
If you’re thinking about selling your home, now could be a great time to do so. With low inventory and high demand, it’s a seller’s market in many areas. Greg McBride, Chief Financial Analyst at Bankrate, notes that “A pick up in activity with inventory still low does bode well for home prices.”
If you’re considering a move to the Los Angeles area, it’s worth noting that the housing market in the city and its surrounding areas can be highly competitive. Beverly Hills, in particular, is known for its luxury homes and high price points. However, there are also more affordable neighborhoods in Los Angeles, and with interest rates still low, it could be a good time to explore your options.
No matter where you’re looking to buy or sell a home, it’s important to work with a team of expert advisors who can guide you through the process. With their help, you can navigate the spring housing market with confidence and make the best decisions for your individual needs.
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