Westwood Hills 4th Quarterly Updates 1 January 2022
Dear Westwood Hills 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 – email@example.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 Westwood Hills, and how does it compare to the same quarter as well as last year in the community. As usual, the numbers for real estate activity in Westwood Hills is always interesting. At the moment, there is one (1) listed for sale, vs two (2) last year, the same number two (2) for each year that are in escrow, and as for closed escrows there were three (3) this past quarter and eight (8) at the same time period last year. Prices as a rule have followed the trend lines as I have reported in the Schiffer Line. I personally have missed meeting some of you personally at the annual HOA meeting which is usually held in the fall. Hopefully the world will be in a better place when the meeting can be held in person once again.
In the meantime, please let me know how I can assist you with your real estate needs. I look forward to hearing from you….. firstname.lastname@example.org, email@example.com… 310-442-1384.
Happy New Year & Stay Safe!