There is proof the market is turning around. All across Encino and throughout the Valley and surrounding areas we are experiencing a very low inventory of homes.
Most houses are selling quickly, and many are receiving multiple offers. In 2011, houses were sitting on the market for upward of 5-6 months, whereas today most of the houses are selling in 30 days or less Because of the scarcity of homes for sale prices seem to be going up.
We have experienced a decrease in the number of listings in comparison to previous years and we cannot find houses for buyers we are working with. At this point there are very few properties to show to our buyers. We are also seeing a lot of cash buyers and investors buying property to either flip or hold long term.
The first quarter has been extremely busy as all of my listings have sold. Looking forward, I am hoping that our listing inventory builds up again so we will continue to be busy.
People who have been holding on to their properties waiting for the right time to sell need to know now may be the best time. It seems like the market is transitioning to more of a “seller’s market”. We also think it’s a good time to buy because interest rates are so low and who knows how long they will remain low.