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Stepping into a southern California May there are signs of change everywhere. Is the market down? ...is it up? It’s both. There are 47% less sales reported in the last year since mortgage rates began their upward climb. Likewise, there are thousands less people in real estate jobs because of the lowering activity. Prices have slipped up though. Driven by sufficient demand, historic low inventory and cash rich buyers, 22% of closed properties sold above the last listing price. If all this doesn’t sound schizophrenic, then I don’t know the meaning of sanity. This market is confusing even to the experts. It is not a Crash, but I say it is a serious Crunch.
My bottom line of advice is to be fully tuned-in and work with a knowledgeable real estate agent. This market requires absolute attention, full dedication and creative solutions. My team and I have worked through challenging markets before and are working with this one confidently. Everything will require more time and focus but it is all worth it to win for our clients.
May is the launch month for our team’s television show, Kendra Sells Hollywood, now premiering May 26th as an HBO Max Original. Season 2 reveals Kendra succeeding with our team as she lists her 1st property and closes her 1st deal. Interviews with famous sellers at former celebrity homes brings more intrigue but certainly is a common experience for us working in this Hollywood-driven city. Tune in at any time since it will be streaming and see how I teach the actions and ethics for succeeding in LA real estate. We are proudly bling-free reality because we recognize authentic practices build client trust and transaction success. There is drama, though, because real estate reflects real Life!
-Ernie
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