Moms sighed a collective sigh of anticipation and perhaps a bit of relief as children headed back to school after the last big holiday weekend of the summer 2012. Those lazy, hazy and often crazy busy days of summer are now a sweet memory. There are still four months left on this year’s calendar to complete all those projects put on hold over the summer. After all, who wants to look at houses when the beach is beckoning or vacation time is calling even if interest rates are low?
If you took a break from house hunting this summer you should know a few things happened to the housing market during the summer. Buyers were out there scooping up properties with glee. The exceptionally warm summer in Southern California was met with an equally hot housing market. The inventory was cherry picked daily and new listings failed to keep up with the demand. Multiple offers were common and properties often sold over asking price. Yes, the Los Angeles South Bay real estate market went from sleepy to supercharged during the summer of 2012.
Serious sellers place their home on the market when they are ready to sell. They are seeking serious buyers and in today’s market that is exactly what they will find. Many would-be buyers have waited for years to begin their quest for a new home. They’ve watched as prices dipped, the economy faltered and the housing sector suffered from the financial fallout. But life goes on, and with it the need for growing families to expand and shrinking families to contract. The need to solve a housing problem is what drives the residential real estate market.
One of my clients commented on the current market conditions of too many buyers and not enough sellers by saying, “It’s not a fun game to play.” I have high hopes the demands of the ‘game’ will lighten as more sellers in Southern California realize this is the best time to sell since 2006 due to an uptick in demand. Fall is a great time to sell and the market is waiting with open arms.