The Northeast Los Angeles region's real estate market is always in flux. Many potential homebuyers are waiting by the sidelines for the perfect time to buy homes in Eagle Rock or invest in Highland Park real estate. The question for them is, "when is the perfect time?". The answer: Now.
So far this year, the Eagle Rock market has been almost as low in active listing inventory as it was in 2013, when the market caught on fire in the face of withering inventory and rapidly increasing prices. That means that there were usually fewer than 20 homes for sale then and now.
Suddenly, we have 26 homes for sale, and 7 of them are listed for over $1 million! Hold on to your hats—one is even listed for over $2 million!
What does all this mean about the state of real estate in this region? Finally, sellers are putting their houses on the market. Interest rates are still low - and while they're not the lowest they've ever been, they're actually trending back downwards.
So if you're seeking to purchase a home, it’s a good time to buy if you have the money.
Many people disagree — they believe the market is overheated and ready for a downturn. I say you have to look at your own situation and decide for yourself. There are good opportunities to buy nice homes in good locations—even some great ones. And with interest rates hovering around 4% for 30 year fixed mortgages, you could lock in a good rate now.
If you're ready to make the move into Eagle Rock home ownership, contact us today!