Los Angeles Housing Market: What To Expect For The Rest Of 2021
Since Covid-19 hit our world last 2020, the housing market has been facing ups and downs. Many forecasts said that it would crash mid-year. Still, it left everyone surprised by having one of the most successful national housing markets since the financial crisis.
However, can we still be hopeful it will maintain steady? Or shall we start forecasting when it's going to crash? If you're interested in knowing facts about the housing market's future in L.A. as a homeowner or seller, keep reading!
We'll go through some antecedents, forecasts, and solutions, don't miss out!
Real Estate Market During The Pandemic
During the first stages of the pandemic, everything seemed so uncertain and delicate that it wasn't a surprise the housing market stopped. People stopped looking for new houses and getting out at all; no more open houses were happening, and the prices dropped.
However, not much after, the housing frenzy started. Everyone seemed to be moving to new apartments and houses.
The housing market couldn't meet Americans' needs, and more houses were required to be built.
Still, since many contractors stopped operations thinking the recovery months weren't anywhere near, people started to ask, "when is the housing market going to crash?", it still hasn't, though, and 2021 is coming to an end.
Housing Market Forecast
While it is general knowledge that the fall season is when you can get a better deal on real estate, last year defied all expectations, with massive home sales growth recorded in the fall season.
So, will we see a repeat later this year? Price growth is expected to slow through the end of the year, as it has already slowed since its peak in June.
Inventory is increasing, mainly because of the lower lumber prices and new sawmills in the United States. However, the housing supply is still far from meeting the demand mentioned above.
According to CoreLogic, which measures home prices slightly differently than DQNews, L.A.; County home prices in July 2022 will have increased 2.7% from this July, compared to the 14.6%increase seen from July 2020 to July 2021.
Here's how the price and sales increases differed from the previous year:
- In Los Angeles County, the median price went up 13.4% to $785,000, while sales increased 14.3 %.
Want To Sell Your House?
During the pandemic, many things could've happened to you that you decided to sell your house; however, when prices are dropping, and almost everyone is looking for a house, how can you stand out to sell? Is a realtor going to help you?
And even if you have help, are you sure you can sell your property before the year ends? Luckily, there's still an option: home buyers.
Want to sell your house fast for cash? Homebuyers can meet and exceed your needs. They won't ask for fees or commissions since they'd be purchasing your home directly, not putting it to sale.
When everything seems so unsteady, this is the safest option to get a fair offer. We can't completely know how this will develop, but you don't have to risk your property. Make a smart decision before it's too late!