When you step back and look at the market from Dec 07 to Dec 08 you can see the radical change that has taken place over the past 12 months in our local Westside Los Angeles real estate market.

There is opportunity in this market for savvy buyers. Inventory levels are up, there is less competition for property, many sellers are motivated, and interest rates are still extremely attractive. For anyone thinking of buying it is important to note that no one has the ability to predict where the market is going. We see a group of buyers still waiting for lower prices. While it would be very hard to argue with the idea that prices will continue to soften, there are still some incredible homes and values in today’s market. This is why it is so important to study micro-market trends vs. regional, state, and national headlines. Each micro-market is a market by itself.

When it comes to selling your home this is a very challenging time. Reality is really beginning to sink in for many sellers. Pricing your home correctly is an absolute must in this market. There is still demand for great value. The first 30 days a home is on the market is critical. Almost 40% of the homes that sell in our local Westside real estate market sell within the first 30 days. This is the best window of opportunity for any seller to get sold. The biggest trap for a seller right now is to start a “little high” and then end up chasing the market down. The traditional pricing convention of looking at recent sales as a benchmark to pricing a home does not work in this market. A seller needs to take into account where the market is going based on trends because that is where the qualified and ready buyer is making offers. In other words, today’s buyer is basing their offer on where they think the market will be at certain point in the future, not based on where the market has been or is right now.

Hopefully this report can help you if you are thinking of buying or selling in our local Westside real estate market. We will also be providing you with a comprehensive 2008 year end Micro-Market report very shortly. Please contact any of our Teles Properties agents for more information or expert guidance with any of your real estate needs.

Click on the link below to download our report & statistics:

DECEMBER 2008 Micro Market Report

Filed under: Industry and Economic News, Micro Market Updates, Teles News and Press Releases on February 17th, 2009