Brentwood 4th Quarterly Updates 1 January 2022
Dear Brentwood Neighbor:
Welcome 2022 & Happy New Year!
Welcome and hail and farewell to 2021. It has been an interesting year to say the least. We are looking forward to another interesting year, particularly as we are about to enter our third year of this pandemic. Yet, through all of this, real estate continues to amaze us on the Westside.
During this past year we have seen median prices in the five communities, Beverly Hills, Beverly Hills Post Office, Bel Air, Brentwood, Westwood I report on continue to surge upward. Sales volumes are setting records every month, and mortgage rates continue to be the lowest in decades, and buyers are taking advantage of that. However, competition remans fierce for quality homes fairly priced — there just aren’t enough of them to satisfy demand.
Inventory continues to stay low, to low actually ,and while interest rates are going to climb a little, they are still quite a bit lower than we had seen in the past.
2022, however, could be different — the Fed promises to raise rates at least three times this year…but that doesn’t necessarily mean mortgage rates are going to escalate out of reach. The last time the Feds raised rates in 2019, mortgage rates actually went down. But affordability remains a challenge for many, and while we are seeing our equity grow, buyers are scampering to get in line for the home of their dreams, only to find many qualified buyers — with cash — in front of them. There are many interesting programs out there, including one from my lender which will enable a non-cash buyer to qualify and present themselves to the seller as an all-cash buyer. Please contact me for more information – carole@caroleschiffer.com.
If one were to make a wish for the New Year, top of my list would be that we end this pandemic which has brought so much damage and heartache to our world, our communities, to our families. As winter and the rainy season descends upon us, we can only pray and strive to stay safe, healthy, and hopeful for a great 2022!
From a real estate perspective, what is happening in your part of Brentwood, and how does it compare to the same quarter as well as last year in the community. Wow a difference a year makes! Last year at this time, there were 13 homes available for sale vs. two (2) now! Currently there is one (1) home in escrow which is the same as last year at this time. We had four (4) closed escrows this past quarter, against five (5) the 4th quarter of 2020. If you look at the overall closed escrows for 2021, as compared to 2020 with the numbers at 17 closed escrows for ’21 and 14 for ’20. Please remember these numbers do not reflect the entire community of Brentwood, only west from Brentwood Circle, north of Sunset to Bundy.
I love working and selling homes in Brentwood and look forward to meeting with you to discuss the marketing of your home. I am so very proud to share with you that this past year has been a banner year for me and I am looking forward to another one. Let’s work together to make that happen. Contact me at carole@caroleschiffer.com, ceschiffer@gmail.com or 310-442-1384. Happy New Year and Stay Safe! Talk with you soon
Cordially,
Carole
