Real estate trends are constantly changing. As we approach the end of the year, let’s take a look at 2017 Los Angeles real estate trends:
*One more reason Los Angeles housing inventory remains tight: Homeowners are remaining in their homes longer than at any time in recent history. According to a recent survey by the National Association of Realtors, 2017 home sellers have been in their homes for a median of ten years. Prior to 2009, homeowners typically lived in their homes for only six years before moving.
*Seller rent backs are becoming more common for a variety of reasons; often sellers don’t have their next home lined up. The buyer is then asked to allow them to remain for a period of time – last year, the rent backs for our sales ranged from two weeks to three months. Years ago, when the market was not as unbalanced, buyers typically charged seller’s their daily PITI (principal, interest, taxes and insurance). Currently, most sellers are paying only a dollar a day or one dollar for the duration. It’s a seller’s market and sellers generally dictate terms. Click here to learn more about seller rent backs.
*Many seniors continue to simplify their life by downsizing, but I am seeing a growing number of seniors who do not want to deal with the ordeal of selling their home. The process of sorting through the contents is often overwhelming, and for those who can afford to they often prefer to age in place.
It continues to be a highly competitive market for home buyers in Los Angeles’ most desired communities of La Canada, Glendale, Pasadena, Burbank, Toluca Lake, Shadow Hills, La Crescenta and Montrose. Click here to learn more about winning the bidding wars.
Have a real estate question? Call Phyllis at 818 790-7325.