Does it make sense to buy or sell in this market during this crisis? It all comes down to what you feel most comfortable with after weighing all the pros and cons.
If you wait on the sidelines and decide that you do not want to buy or sell right now, you have the advantage of being able to observe the market in the coming months to wait and see what happens. If you’re a seller who’s waiting, realize that there are a lot of other sellers in the same boat who are waiting just like you.
If you do choose to list now, you’ll have much less competition. In the 91326 ZIP code alone, there are only 61 properties for sale out of almost 13,000 single-family units. Inventory across the San Fernando Valley is really tight.
“It comes down to what you’re comfortable with after weighing the pros and cons.”
If you’re a homebuyer right now, be ready to compete against multiple offers. Low interest rates are keeping demand very high. We recently had a buyer approved at a rate under 3% for a purchase over $900,000. The competition will only increase from here on out as more buyers feel comfortable getting out there.
At the end of the day, it comes down to what you’re comfortable with. There is no right or wrong answer. However, right now sellers are getting top dollar, and buyers are having decreased competition compared to what is usually going on at this time of year.
If you have questions for me about what’s going on or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you.
