I predict the short-term future of the local real estate market

Although I don't have a crystal ball, I think we're in for a strong first and second yearly quarters, as far as San Fernando Valley and Los Angeles real estate goes. Why do I say that? It appears that buyers are coming out of the woodwork.  There's a nexus right now between low interest rates and lower-than-in-recent-memory home prices and short inventory.  Everything is going into multiple offers.  There are lots of cash buyers out there.  Plus, I think that potential buyers may just be tired of sitting on their hands and may be feeling a little more confident than they have in the recent past.  I wouldn't be surprised to see prices go up before the summer. We'll see...

Canadians and Australians are investing in L.A. area real estate

Apparently, a significant number of Los Angeles real estate investors are coming from Australia and Canada, and many are paying all cash for homes for sale in L.A!  Will it be long now before California secedes and becomes part of the British empire? Do you know anybody in either of those countries? If so, please let them know that you know a top Realtor. By the way, the pic above is Australia on the left and Canada on the right.

Happy New Year! Four months early and not a moment too soon

September has always felt like the beginning of a new year to me, no doubt because this is when the new school year starts. Real estate-wise, it has always seemed like the end of one selling season and the beginning of another. After all, buyers are looking to buy because interest rates are down and homes are more affordable.  Sellers, inventory is low (actually, lack of inventory is the r.e. market's biggest problem right now, IMO) and some houses which previously had price reductions have now sold over list price.   So let's declare it a new year for real estate in Los Angeles, too. Let's pop the cork on some champagne, put the past behind us and start fresh, si? At least until the traditional Xmas slowdown...

Home sale decline numbers - calm down, everybody

I'm sure nobody has missed the latest headlines -- real estate prices are down.  And not to put a glossy spin on this, BUT: Los Angeles is only down 1.7% from March 2010.  Remember, all real estate is local (property investors and flippers are out in full force right now).  The good news is that the national bad news has caused interest rates to go down, still, again. I personally am seeing many buyers in all price ranges in Studio City, Burbank, Encino, North Hollywood, etc. So please, don't anybody panic!

LA Times: Housing recovery: are we there yet?

Here's some Sunday reading from today's L.A. Times: Alejandro Lazo's survey of five housing experts on what we can expect from the real estate market this year.  Not to be critical, but remember the old saying: ultimately, nobody knows anything.