BUYING AND SELLING A HOME IN 2024

Real estate is always a function of supply and demand. Potential home buyers and sellers who waited to see what the market would bring are slowly coming back into the market. With record low unemployment and pent up demand from last year, we still have more buyers than homes on the market, keeping the market competitive and home prices strong overall. The median home price in 2023 ended up 8.5% over the previous year for the greater Westside area from Santa Monica through Downtown Los Angeles.

There was a typical seasonal dip in both activity and prices through the winter holidays, yet February’s median home price has already rebounded to pre-holiday levels, and February’s home sales were up 10% above February 2023. We foresee multiple offers on the best properties as usual, while homes that need more repairs or upgrades may take longer to sell.

Interest rates have settled around 7% for the foreseeable future. Luckily there are many specialty programs offering discounted rates and incentives. Lenders are also offering to recast your rate for free if rates go down in the future.

All neighborhood markets are different. Contact me for insight into the neighborhood outlook in your area.

Buying or Selling a home is complicated. Let's talk and explore how I can help make this process easy for you. Until then, here are some resources to get started…  

* Data reported by theMLS.com (aka CLAW: the Combined Los Angeles, Westside MLS).

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