123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Investing---Finance >> View Article

What's Happening In The Northeast La Real Estate World Now?

By Author: Tracy King
Total Articles: 31

The Northeast LA real estate market is an ever-changing beast. Here are the main elements of what's driving our market today:


Increased Interest Rates


The big news in the real estate market is that rates have jumped up quickly. Most of the market volatility is stemming from speculation that the Fed will eventually be discontinuing its QE3 program. Rates have increased approximately 1% across the board on all products.


Although no one really likes higher interest rates, it is normal in a recovering real estate market to see rates rise. Also slightly higher rates will allow new lenders to enter the arena making for a more efficient market through increased competition. However, rates are still at historical lows compared to the 13.4% 30 years ago! The market is filled with opportunity and we cannot emphasize the importance of good strategic advice with access to innovative products to thoughtfully structure the right solution for clients.


Increased Inventory


The number of homes for sale in Northeast Los Angeles has definitely increased in the last few weeks including homes for sale in Eagle Rock. We are now averaging about 30 homes currently for sale in Eagle Rock. While significantly higher than the 12 we had earlier this year, we are still a far cry from the 75 homes for sale back in 2010. Highland Park real estate is warming up. In Highland Park we are averaging about 40 homes active on the market, compared to 159 back in 2009. We are still seeing multiple offers on our listings.


Instead of perhaps attracting 10-15 offers, we are receiving 5-6. This of course depends on pricing strategy and what else is available when we come on the market.


The under $500,000 market continues to move very quickly. We received 10 offers on our one bedroom listing at 1915 Chickasaw (listed for $389,000). A house on Avenue 54 in Highland Park received 60 offers (listed for $299,000) and sold for 33% over asking price.


Increased Average Sales Price


The average sold price in Eagle Rock in June 2013 was $590,000, which continues the upward trend we’ve been experiencing. That’s 7.5% higher than the average of $549,000 in June 2013, and 27.4% higher than the average of $463,000 in June 2009.


In Highland Park the average sales price has reached $439,000, which is 44.9% higher than the average in June 2009, and 17.7% higher than the average of $373,000 just last year.


What does this mean for you?


This is still the best time to sell your home that we’ve seen in the last 5 years. While we are not experiencing the dramatic price spike that we saw earlier this year, prices have gone up considerably year over year. With more inventory available, the ability to move up into a bigger home, or downsize, while selling your home is more achievable. Our sellers are getting strong prices for their homes. Our buyers are starting to see more opportunities in the market.

Total Views: 68Word Count: 490See All articles From Author

Investing / Finance Articles

1. Why Invoice Invoice Factoring Financing Is Better Than Bank Overdraft Credit?
Author: Stephen Perl

2. Apoyos Para Negocios En 2017
Author: Martin

3. How Do You Master Mind Your Long Term Loans Without Collateral?
Author: Jenny Elmore

4. Algotrade Helps You Make Consistent Profits In Forex Market
Author: johnsyanol

5. The Guide To Choosing The Best Stock Trading Advisory Service
Author: Dharmesh Patel

6. What Should An Executor Of A Will Do To Get Grant Of Probate?
Author: Probate a Will

7. Trade12 Provides A Perfect Educational Experience For New Traders!
Author: Trade12

8. Home Loan Rate Comparison – Why Is It Important?
Author: Kimberly Ash

9. The Benefits Of Getting A Reliable Mortgage Broker Harrogate
Author: Brian Miller

10. All You Need To Know About Co – Signing A Loan
Author: Neha Sharma

11. What Are The Insurance Policies To Opt For In Your Early 30's?
Author: Neha Sharma

12. Multi – Currency Card: How To Pay Less For Foreign Currency
Author: Neha Sharma

13. Debit Card: Teach Your Children To Be Financially Smart With These Tips
Author: Neha Sharma

14. How To Save Up For A Financial Goal With The Recurring Deposit Calculator
Author: Neha Sharma

15. Step Up Your Investment Savings With A Recurring Deposit
Author: Neha Sharma

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: