Since 2009 it is fair to say that listing and selling any property on the West Side of Los Angeles was, to put it mildly, challenging. Buyers were reluctant to commit to writing an offer, once they did, we saw a lot of second guessing and many escrows being cancelled out of the fear that the market would continue to go down.
Not any more, the real estate market, and in particular the Culver City real estate market is, to put it mildly, on Fire right now!
This is evidenced by the the following facts, at the time of writing there were:
- 29 Active properties (single family) for sale
- 24 Properties are currently in escrow (either showing looking for back up or showing pending)
- Of the 24 properties in escrow, approximately 70% of those sold extremely quickly and with multiple offers
This is the kind of activity we saw back in 2003 to 2007, it would appear that "fear" has been replaced by optimism and an overwhelming sense that the current historically low interest rates are going to start going up fairly soon.
The only question that remains is, "Is this sustainable over the long term?"
The short answer is no one really knows, what I can tell you is, if the inventory stays around its current low level, interest rates don't climb quickly and the economy does not fall back into recession, there is no way for home price to go but up. If you know anyone, friend neighbor or colleague, who has been sitting on the fence waiting for the market bottom to arrive, I would recommend you tell them they may have missed it already!