Dear Bel Air Park Neighbor:
March came in like a pussy cat with little rain fall, and we are limping forward, hoping April “showers” really do arrive We do need the rain as drought has again gripped our state, with water reserves dwindling to dangerous levels. Rationing is most likely on the way.
As the war in Ukraine continues to overwhelm the world, on the home front, we are continuing to see rising inflation, gas prices, and now interest rates. The Federal Reserve recently increased interest rates, and we are now seeing mortgage rates nearing 5% level, which causes concern especially with first-time buyers. However, the share of millennial home buyers has significantly increased over the past year, with 43% of buyers in the age range (21 to 41 years), which is up from 37%. But overall, existing home sales feel in February 7.2%, continuing a pattern of ups/downs over the past few months.
According to the National Association of Realtors, housing affordability continues to be the
major challenge. But in our market, the lack of inventory is really challenging buyers as home owners are reluctant to move during these high inflation times, compounded by the unknowns brought about the war in Ukraine.
With us now entering the 2nd quarter, I continued a strong sales year that I experienced in 2021, and yes, inventory also remains a challenge for all buyers. We are continuing to see multiple offers on all price points. I recently assisted one of my mentees with writing his first buyer offer on a condo in Playa del Rey which was listed in the lower sevens, and ended up with 9 offers, probably selling over $800,000!
What is happening real estate wise in Bel Air Park? Basically, what is new is old again. When we compare this past quarter to last year, we see one (1) listing for sale currently vs.none last year, no homes in escrow either year, with two (2) closed escrows this year, and none last year. These numbers are a true reflection of the lack of inventory across the board. Hopefully as the world opens up a little more, we will see more inventory as well. In the meantime, I have a long list of potential buyers with no place to put them, so if you are at all considering moving, please contact me. Carole Schiffer.com, email@example.com or 310-442-1384.
Looking forward to hearing from you,