This year went by quick, no? What a blur! Many of you might be wondering what 2022 is going to be like; are we going to continue to see higher and higher prices, hoards of offers on every house, months and months of being outbid, or conversely are we finally going to see prices come down? Well, there's good news and bad news....once again, no one has the ability to predict the future when it comes to real estate, but from the indicators that are out there, it seems like price increases *may* start to slow down a little. Already we are seeing a relative cool down with home sales as compared to last year with numbers of offers, and homes staying on the market a bit longer than they were. BUT, unfortunately the same market conditions that have existed over the past few years - low inventory for single family homes - are continuing to persist. Yes, there are still too few homes out there for those who can and want to purchase them. Homes that are in great locations, with good design are going to bid higher, every time - that is not going to change. It's supply and demand.
If you are a prospective home buyer in Los Angeles, the same principles apply: look for homes below your budget to account for bidding wars and see beyond the walls. Location, location, location! You may not find your dream home right away, and it is going to take time, patience, vision, and of course an agent with great communication skills and relationships ;) to help you compete in this market. This is like a treasure hunt and the gems are out there ready for you to discover!