Westside DIGS | Digital Edition Online

December 16, 2022

DIGS is the premiere luxury real estate lifestyle magazine serving the most affluent neighborhoods in the South Bay and Westside of Los Angeles, California.

Issue link: https://uberflip.westsidedigs.com/i/1488250

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Page 31 of 31

"Seller's Market"? Whether one is hopeful of being successful in finally purchas- ing their new home, or is aiming to sell at the peak of the market, here is what you might need to know about the current market. is is not the market of six months ago. What is a "seller's market"? Historically, a real estate market is considered to be in balance between sellers and buyers when there is a 5-6 month supply of homes on the market, relative to the current rate of sales in a particular area and price range. Because the housing supply is still very low, with less than a 4-month supply of homes available in many prime westside areas, we are still in a "seller's market". However, in recent months we have seen fewer multiple offers being received by sellers, increasing numbers of escrows being cancelled for a variety of reasons, and more reductions in listing prices than we have had in many years. What does this mean for a potential seller? If these activities continue for another month, it might quickly lead to a market where the supply of homes reaches a 4-5 month level, and sellers will need to have much more effective marketing and negotiation skills at work on their behalf. It has already been harder for buyers to purchase a home, especially with interest rates having increased by 80% and prices of homes higher by 10-15% in the last year alone. e timing for many sellers could be optimal during this phase of the market. ere is a great sense of urgency for those buyers still able to be approved for financing to purchase a home now, which can still result in multiple offers if a home comes on the market while the supply is still low in that price range and area. What does this mean for a hopeful buyer? Even though interest rates have increased by more than 2% in recent months, and prices of homes have continued to increase month after month, this may still be an opportune time to purchase if you are committed to the effort. Although it is certainly possible that prices could soften once inventory reaches the range of 5-6 months' supply in the neigh- borhoods of your choice, if interest rates increase by even only 1% more, your monthly cost of ownership could increase by 20%. Bottom Line? At this time, there are still great opportunities for homeown- ers and home seekers to make a move. By Spring 2023, there may be more challenges for attaining the same desired results. e new property transfer fee goes into effect in April and could make a huge difference to sellers of homes above $5 million! Contact us for a complimentary consultation about your situation and a review of alternatives that might help you achieve your goals: Michael@ EdlenTeam.com, or 310-600-7422. Ask for our useful Seller's Guide, sent either by mail or email. Homeowners who are interested in learning more can request a FREE Sellers Guide by calling 310-600-7422, or writing Michael@EdlenTeam.com GET YOUR FREE GUIDE TODAY! The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. Not intended as a solicitation if your property is already listed by another broker. Real estate agents affiliated with Coldwell Banker Residential Brokerage are indepen- dent contractor agents and are not employees of the Company. ©2019 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo service marks are registered or pending registrations owned by Coldwell Banker Real Estate LLC. CalRE#00616212 Michael Edlen DRE 00902158, Tatiana Weiss DRE 01751813, Christina Wagner DRE 01310664, Jolie Hernandez DRE 01208938, Keith Craven DRE 01239016 310.600.7422 | michael@edlenteam.com | edlenteam.com | CalRE#00902158 Buy or Sell Your Home With Confidence You'll Love the Results Why Your Home Equity May Be at Risk If you have owned your home for at least 3 years, please read this.

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