The Trendline - Westchester - March 2021
The MLS just dropped its February listings data and I'm seeing a continuation of the super-tight inventory situation in Westchester 90045. Trendline says → strong sellers' market.
Westchester home owners have not been wanting to move, but more listings are starting to hit the market. While new listings are up slightly, we are still in a classic "sellers' market" scenario with only 1.8 months of inventory available.
It's nice to see the new listings statistic trending up because we really need more inventory! It is almost Spring and our pandemic restrictions are starting to loosen. I expect more and more listings to hit the market in the coming months.
Listings are still flying off the market as fast they become available. Median days on market is holding steady at just over 10 days. 😳
Prices are headed up again, which is to be expected when there are so many more buyers than sellers in the market.
So what is going on in Westchester?? Home owners have been reluctant to sell -- in a big way. While we see that loosening slightly last month, mortgage rates remain low and there are still tons of buyers vying for not so many listings.
But Spring is around the corner and families will start thinking about moving. Also, there is a good amount of housing stock in Westchester held by older owners who might be more motivated to move now with the passage of Prop 19, which allows them to take their low tax basis to another CA property.
Westchester CA 90045 Home Sellers
What does this trendline mean for Westchester home sellers? Despite a few more listings starting to hit the market, we are still in a situation where your home will likely be snapped up if listed right now.
Think you will make more money if you undertake costly renovations first? Maybe not. I'm still seeing crazy prices paid for fixers. The other reason not to renovate is the time it will take. Right this minute, with so few other sellers on the market, is your chance to get the highest price for your property.
As more sellers list over time, there will be more choices for buyers and prices will soften. That means you might not get a return on your renovation investment.
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Westchester CA 90045 Home Buyers
If you’re a Westchester home buyer, it continues to be tricky for you. You need an extra experienced local agent who has a local network for scouting off-market or coming soon listings, so you can get in early and hopefully scoop up a great property without getting into a bidding war.
Pro tip for Westchester home buyers #1: don’t use the listing agent to submit your offer. That agent will not be that motivated to support your best interests. You will likely be one of the multiple buyers they represent on the property. You want an advocate and somebody who knows what questions to ask to help you craft the best possible offer for that particular seller.
Pro tip for Westchester home buyers #2: you definitely will want to have your lender pre-approval in hand and you’ll need to pack your patience and maybe even consider adjacent areas. Definitely don’t expect much in the way of concessions for repairs.
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All graphs presented herein show data for the last five years on a rolling 12-month average to smooth the bumps. The data shown is also for single-family homes. If you want condo or combined data for Westchester 90045, or custom graphs for other areas, just ask!
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