Best Time to Sell? When Competition Is at an All-Time Low
Dan May • July 8, 2020
Best Time to Sell? When Competition Is at an All-Time Low
In a recent survey
of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. Of the respondents, 51% said they are “seriously worried.” That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home purchasers are still very active despite the disruptions American families have experienced this year.
The latest Existing Home Sales Report
published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in this country last month. NAR’s most recent Pending Sales Report
(homes going into contract) surpassed last month’s number by over 44%, which far exceeded analysts’ projections of 15%. ShowingTime reported
that appointments to see homes (both virtually and in-person) have increased in every region of the country and are up 21.4% nationwide over the same time last year.
While buyer activity is surging, the number of listings has fallen to an all-time low. Zelman Associates, in their latest residential real estate report, revealed that housing inventory as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history.
Bidding Wars Heating Up Again
With buyer demand growing and the supply of available homes shrinking, purchasers are again finding themselves needing to outbid other buyers. NAR, in a recent blog post, revealed:
“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”
Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.
Bottom Line
If you’re thinking of selling, don’t be concerned about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low. It is exactly at that time when you will negotiate your best possible deal.
Here are the latest housing market statistics for 90034! If you'd like more detail on the market, what's available or how much your home might be worth, let's set up a meeting to discuss! #houseexpert #housingmarketexpert #house #home #listreports #localhousingdata #areaexpert #realestate #realestateagent #househunting #homeowner #hometrends #housingtrends
Text: After a 2nd Year of stubbornly high mortgage rates and weak transcaction volumes, it's hard to see the positives. Here's why you should stay hopeful. Read More
Happy 2025! Wishing everyone new year filled with joy and healthiness! It’s time for my annual Market Roundup which analyzes the sales activity for the entire Beverlywood area then drills down on Beverlywood Homeowners, Castle Heights (west of Robertson Bl. south of the HOA) and Reynier Village (east of Robertson west of La Cienega from Cadillac to Kramerwood Pl) using the boundaries outlined on the SORO website. Note : All data used for this analysis is supplied by Combined L.A./Westside MLS and is deemed accurate and reliable. It has not been independently verified and may not constitute all sales, just those reported in the MLS. Single family homes sales only.
This Red Day, KW will be honoring our Veterans. Your generous donation will help us provide a nutritious meal to 500 deserving men and women. These brave vets have served our country, and now it's our turn to serve them. Any amount of donation can make a big difference. Please use QR code to donate here . Thursday May 9th 11am-1pm Main parking lot at The VA Wilshire Federal Building 11000 Wilshire Blvd, Los Angeles, CA 90024
An area homeowner contacted me recently requesting advice on which paid service I recommend for identifying potential real estate fraud activity on their Beverlywood area single family residence.. My response was, “NONE! IT’S A SCAM. Your tax dollars enable you receive this important information for FREE.” Here is an explanation of how the service works. Below you will find a link to the website to register. The Los Angeles County Assessor’s e-Notification service gives homeowners the opportunity to register their e-mail to be alerted whenever a foreclosure, transfer of title, or mortgage is recorded on their property with the Los Angeles County Registrar-Recorder/County Clerk. This notification allows property owners a means to identify potential real estate fraud activity, such as a fraudulently recorded lien or deed. What is the Property Owner e-Notification Alert? Currently, the Registrar-Recorder will, within 30-days, mail a copy of a Grant Deed, Quit Claim Deed, Deed of Trust, or, within 5-days, mail a copy of a Notice of Default, or Notice of Sale to the property owner upon its recording. Now, homeowners can also opt-in for e-mail notifications. Once a homeowner registers, they will be sent an e-mail of any activity on their property within 48-hours. How does a homeowner enroll in the Property Owner e-Notification? To enroll in Property Owner e-Notification Alert, the homeowner simply creates a profile on the Los Angeles County Assessor’s portal website at https://assessor.lacounty.gov/news-information/enotification , click on Register Today, fill in the information, check the box for Opt-In for AIN/Recorded Document e-mail notification and click submit. Once they have created an account, log in to the portal and select “Property Owner e-Notification Alerts” on the landing page. Enter the AIN (Assessor Identification Number) on the “Property Owner e-Notification Registration” page and select “Add.” Once added, they will begin to receive electronic notifications when a document is recorded with their linked AIN. A homeowner may repeat this step to register any other LA County properties on their account. There is no limit and there are no fees. Why does the LA County Assessor offer E-Notification? The service allows property owners the opportunity to seek free, legitimate assistance and helps them avoid falling victim to real estate scams. Also, if a property owner suspects erroneous or fraudulent activity, they can report it to the Department of Consumer and Business Affairs at (800) 593-8222 , online at dcba.lacounty.gov , or by e-mail at homehelp@dcba.lacounty.gov . Dan May is among the leading real estate professionals in Los Angeles County. He can be reached at (310)739-8647 and dan@danmayrealestateteam.com Give Dan a call to confidentially discuss your options, your home’s value and/or for a list of local vendors.
Market Snapshot: 16 Single Family homes sold within the Beverlywood HOA and Adjacent boundaries (area 9 in the MLS) during the entire month of April 2024 compared to 15 in March and 9 in February. The 16 single family homes that sold in April were on the market for an average of 23 days and sold for an average of $1026.61 per sq. ft. of living space and 97.45% of the OLP (Original List Price). As of May 1st there are currently 22 Single Family homes for sale within the entire Beverlywood HOA and adjacent boundaries, down from 23 the prior month and 27 in February. The 22 single family homes currently For Sale have been on the market for an average of 59 days at a average price of $2,310,272 and $1122.87 per sq. ft. There are currently 15 Single Family homes “under contract” which means in escrow, likely closing soon. I study the market every day. Call Dan May today for local knowledge, flexible commission and proven results at (310)739-8647 .
Market Snapshot: 15 Single Family homes sold within the Beverlywood HOA and Adjacent boundaries (area 9 in the MLS) during the entire month of March 2024 compared to 9 in February, a 67% increase. The 15 single family homes that sold in March were on the market for an average of 36 days and sold for an average of $950.34 per sq. ft. of living space and 98.81% of the OLP (Original List Price). As of April 1st there are currently 23 Single Family homes for sale within the entire Beverlywood HOA and adjacent boundaries, down from 27 the prior month. The 23 single family homes currently For Sale have been on the market for a median of 39 days at a median price of $1,995,000 and $1024 per sq. ft. There are currently 21 Single Family homes “under contract” which means in escrow, likely closing soon. Analysis: With just 23 homes for sale and 15 sold last month alone, that calculates to less than 2 months supply of homes. Fewer than 6 months supply is considered a SELLER’s market. The unofficial start of the Residential Selling Season is the day after the April 15th Income Tax Deadline, April 16th. Contact area specialist Dan May today for a confidential, no obligation consultation at (310)739-8647 , you will be glad you did!
