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Where Is the Demand Coming From in Our Market?

Where Is the Demand Coming From in Our Market
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To understand where all of the demand in our market is coming from, it’s important to realize how drastically COVID-19 has changed buyer behavior; for many people, everything central in their lives now takes place at home (e.g., work and education), and this has spurred the need for more space. Whether it’s in the form of a home gym, office space, or dedicated classroom, buyers are out in force looking for properties that can best accommodate their new at-home lifestyles. 

Such coveted properties include those that have been newly remodeled, those with bigger backyards or pools, and even those with multi-use garage spaces. The desire for more space isn’t the only thing prompting buyers to hop off the fence; low interest rates—a talking point since the beginning of the year—remain as good of a reason as any to buy in this market. Right now, rates are hovering around 3% and below, so you better believe there are buyers out there chomping at the bit to take advantage of increased purchasing power.

We’re finding that a lot of our buyers have migrated from other areas in Southern California into the north side of the San Fernando Valley. While this trend existed pre-COVID, it was greatly exacerbated by the lockdowns. For many, there’s no longer a need to live close to the office, as their jobs have either mandated or allowed remote work for an indefinite period. With the burden of a California commute lifted from their shoulders, buyers are more eager than ever to explore new areas of interest within the state.

Add on top of all this the fact that the entire San Fernando Valley is a lot more affordable than places like the West Side, Burbank, Glendale, Pasadena, or La Cañada. Buyers who got priced out of those areas are finding that their dollar goes a lot farther here, so they can finally give their families the elbow room they’ve been needing.

“With the burden of a California commute lifted from their shoulders, buyers are more eager than ever to explore new areas of interest within the state.”

Believe it or not, one of the hottest price points in the entire San Fernando Valley is $900,000 to $1.4 million. Buyers in that price point represent the working professionals whose jobs are more than secure; they’re all looking to upgrade their living space right now, so the competition is fierce.

If you have questions about our evolving marketplace, or you feel it’s time for your own home purchase or sale, reach out via phone or email. I’d be more than happy to discuss market trends further and see how they impact your specific needs.

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