Brentwood 1st Quarterly Updates 1 April 2022
Dear Brentwood 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!
WOW, what a difference a year makes when we are looking at the real estate activity in Brentwood for this past quarter vs. the same time period last year! Currently, there are two (2) homes listed for sale, last year there were six (6) . There are no escrows, and last year there were eight (8). And five (5) closed escrows vs. 6(6) last year. These numbers are a clear commentary on the lack of inventory available for sale. The prices are still quite strong, and interest rates still low, all be not as low as they have been, but still historically low. What this says is that we need more inventory for all of the buyers who are out there looking for homes to purchase. If you are at all considering selling, please contact me… caroleschiffer.com, or 310 442-1384 or email@example.com. This is prime selling season, let’s take advantage of it!
Looking forward to hearing from you