‘21’ Is a Welcome Number and Year
As the fresh year opens, hope emerged as the prospect of vaccination against the virus became reality, although a waiting game for most. National unrest caused great concern and much remains to be seen for peaceful return in minds and hearts and yet hope again could be the answer for increased unity among Americans and this land we love.
Even so, residential real estate has revved up again here in Los Angeles as if the holiday season was far behind us. As my personal method of predicting the first Quarter of business activity, I’ve always measured how long it takes for our phones to ring and property showing requests to begin after January 1st. In 2009, it took months. In 2018, it took only a few days. This past week may have been the swiftest uptake and return of real estate activity I’ve witnessed in many years. So my by-the-hip prediction is for a brisk 1st Quarter, and possibly 2nd Quarter for LA real estate, favoring Sellers, but remaining very good to Buyers due to low interest rates and returning inventory.
Research reported today from The Brookings Institute stated that if the Pandemic could successfully be quelled relatively quickly this year, then the national economy should experience a significant boon early next year. I’ve heard this now from multiple respected industry forecasts. Interest rates will likely remain low for most of this year is also being reported. We hope these favorable predictions hold true --- not only for our real estate industry but also to shine across the spectrum of all business, especially those hardest hit by 2020’s unexpected trauma.
Everything is in motion and yet everyone is not back to their jobs, their restaurants, hotels or travel destinations. We cannot rest easy until there is balance in the work force and everyone’s needs are being met. I believe we will all be stronger on the other side. I believe we have more to give and can help others. I hope you are healthy and safe.
-Ernie
