2021 is reportedly a good year for the Los Angeles real estate market. Despite COVID-19 and the economic recession that continues to accompany it, the real estate market in LA fared reasonably well. However, although the housing market in Los Angeles is generally in a good condition, affordability concerns continue to rise.
In fact, according to Redfin, in September 2021, Los Angeles home prices were up 8.9% compared to last year, selling for a median price of $915,000. On average, homes in Los Angeles sell after 38 days on the market compared to 43 days last year. There were 2,620 homes sold in September this year, up from 2,553 last year.
Additionally, average homes sell for about 3% above list price and go pending for around 37 days. Homes that are hot on the market can sell for about 8% above list price and go pending in around 17 days. According to the LA Times, many analysts have predicted home price gains would slow down soon, because incomes can’t support continued price appreciation at the 20% levels seen earlier this year.
According to the Los Angeles County real estate market report for September 2021, inventory has increased over the last 3 months but is still below last year’s numbers. The median sale price of single-family homes is up to $930,000, and this fall is undeniably a great time to sell for homeowners looking to cash in on their equity. Homeowners who recognize this as the ideal time to sell are taking advantage of the seller’s market across Southern California, selling for top dollar and spurring bidding wars with multiple offers.
Now that you’ve seen the numbers at its most recent, what can you expect for Q4? Here at Inhouse Offer, we’ve got you covered. For your reference, here are some other Q4 real estate trends in Los Angeles you should watch out for.
Low Inventory.
In 2021, inventory for homes has reached an all time low. There just aren’t enough homes for interested home buyers! To be more specific, inventory was down nearly 30% in the early months of 2021 compared to the previous year.
Why is this important to note? Well, this means that you won’t have enough choices when house hunting. You’ll have to sacrifice a lot of “wants” and “must-haves” because there just aren’t enough homes for you to choose from. Especially if you’re particular with the location and school district, you’ll have to let go of a few house must-haves because the inventory is limited.
Increasing Prices.
Because homes listed for sale on the market are limited, home prices have exponentially gone up. Supply does not meet demand, which means there are more home buyers than there are homes, making competition for available homes fierce.
If you’re looking to buy a home in this current market, know your budget. Commit to staying within budget despite seeing beautiful but expensive homes being bought off the market.
Online Real Estate Services Are Expanding.
Another trend to watch out for in 2021 are the expansion of online real estate services. Since the pandemic has kept people and businesses indoors, the real estate market had to catch up by offering online real estate services. These include listing sites working aggressively online to sell your home.
Because of this, open houses can be accessed online through virtual walkthroughs. Additionally, with the rise of online real estate services, document-based processes have sped up exponentially. Virtual agents can close home sales online.
Ready To Sell?
If you’ve got a Los Angeles property you’re looking to sell, now is the time to do so. It’s still a sellers market, and you stand to gain a lot of income from selling your property to the right buyer. Selling to a cash buyer like Inhouse Offer guarantees a seamless transaction and a fast close. With Inhouse Offer, we’ll buy your house directly, in cash.
Here at Inhouse Offer, we buy houses for cash in California regardless of the condition. You don’t have to shell out money to cover renovations and repairs as we buy your home as is. When you choose us as your home buyer, you can expect us to provide you with the best cash offer for your home and ensure a quick, painless close. At Inhouse Offer we buy houses on your terms.
You can either take a step forward into your new life by accepting our fair cash offer, or take your chances with the long arduous process of traditional home selling. To find out more about our quick selling process in Los Angeles, CA, give us a call today at: (951) 824-6730.
