Real Estate Goes Boom! Home Sales, Prices Are Up Around Southland
LOS ANGELES (CBSLA.com) — Thinking of selling your home?
Real estate experts say there is no time like the present. Local agent are calling it a seller's market.
That could be an understatement. Home sales and home prices are both up around the Southland.
CBS2's Rebecca Ferriter explains what's behind the boom.
Realtors say in recent months newly listed homes are going fast. And not only fast, but also receiving multiple offers. Sometimes sales are so competition, they are going above the asking price.
Tara Wells listed her Van Nuys home July 5. Within days, she was in escrow.
"It was about seven days on the market. Full asking price," says Wells.
"Inventory is so low right now and home sales are up because there are not enough homes for buyers to buy," says Rebecca Chan of Dilbeck Real Estate.
Chan says historic low interest rates are fueling the market pickup. Economists say job growth in California is helping, too.
"I wrote an offer last weekend for $100,000 over the list price, and we didn't get it," Chan said.
In Orange County, the median home price is up 4.9 percent from last year to nearly $630,000.
In Los Angeles County, prices have climbed 8.7 percent to $500,000.
"Definitely, it's a seller's market. When inventory is low, sellers have their pick of buyers," says Chan.
"I love my California, but it's time to move," said Wells.
When asked if a repeat of the 2009 housing crash is a possibility, Chan says no.
She told Ferriter mortgage lenders will continue to be selective.
