Dear Brentwood Circle 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!
Within the lovely community of Brentwood Circle, in comparing real estate activity between this past quarter and last year, there have not been a ton of changes… This year there is one (1) home for sale vs. two (2) last year Last year found one (1) home in escrow, and none this past quarter. As for closed escrows, currently there is one (1) home in escrow, and last year we found none. Given the general amount of real estate activity in the community the numbers are actually fairly typical, but in the over all scheme of things, a true indication of how low the inventory is across the board. We just need more product to sell. I have two buyers for Brentwood Circle, so if you are at all considering selling your home, please do let me know… Caroleschiffer.com, 310 442-1384, or firstname.lastname@example.org
Looking forward to hearing from you