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Did You Miss the Peak of the Market?

Do you want to sell your home, but you’re worried that you missed the peak of the market? What do you do now? Scott Himelstein answers those questions and more!

Peak of the market
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Do you want to sell your home, but you’re worried that you missed the peak of the market? Today, we’re going to talk about it.

Hey, Scott Himelstein with the Scott Himelstein Group. So before we continue, make sure you hit the Subscribe button down below, so you can stay up to date on all the news and the latest, of what’s happened in the Los Angeles real estate market.

All right, so we’re talking today, what happens if you feel like you missed the peak of the market when it comes to selling your home and you feel like you absolutely missed out? What do you do now?

Well, there was a recent survey, where at 95% of the sellers nationwide that sold in the last 12 months, their property actually made more money than they actually bought the home for. So it tells you that a lot of people are sitting on a lot of equity right now.

So when you take a look at the Los Angeles County real estate market, we’ve talked about it a lot over the course of the last 30 days, that right now, what you’re seeing, is inventory has dropped about 55% county wide.

Now, if you go to Porter Ranch in the 91326 zip code, we went from a high of 84, and we’re currently looking at 39 properties for sale total. Now, yes, that is up from about the same time last year in 2022, we were currently looking at about 13 properties for sale the same time in 2022. If you consider the fact that we started in 91326, with over 50 properties for sale in January 1st and the inventory continues to go down, because the interest rates have dropped from their highs in the fall of 2022, you’re seeing a lot of eyeballs on properties right now.

So if you put your home up for sale right now, there’s a very good chance that you might see multiple offers. So yes, the peak of the market has definitely passed. We’ve discussed that in previous videos also. Remember, you know, you’re looking at a situation where the home prices during the pandemic went up.

Just from 2020 to about the middle of 2022, they went up over 40%. And year-on-year average in a healthy market is two to 5% So just in that run up in the last two years, you know, if you’ve owned your house more than the last two or three years, you’ve done pretty well, when it comes to equity in your home.

So right now, we’re seeing for our sellers, a lot of multiple offers on our properties. We’re not seeing the 50 to $100,000 on most properties, but we just showed a property in Woodland Hills, and it had only been on the market two days and it literally was almost $100,000 over the list price and it had six offers in just two days of showing.

So that tells us that the buyers are out there right now, the buyers are getting a lot more comfortable with where the rates are because they understand that the rates aren’t spiking up like they did in the middle and end of 2022. Also, because rent prices are so high, so a lot of the buyers don’t want to continue to rent, they want to have their own property.

So if you’re looking to sell right now, there’s still a lot of opportunity. Yes, you may have missed out on the peak of the market, but we don’t foresee a market crash like some pundits have called for, just because the lack of inventory, the rates are going down and the demand is still quite high.

Any real estate questions, send us a message, or feel free to give me a call. 818-396-3311. 818-396-3311.

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