REAL ESTATE MARKET UPDATE
HOW COVID IMPACTS L.A. REAL ESTATE
We are now 4 Months into this new world and so much has changed. Many believed the real estate market would crash hard by this time, but it hasn't. It’s actually been just the opposite. The 12 months before COVID, the LA real estate market was softening. In some neighborhoods prices were starting to come down slowly. Properties were sitting on the market longer. This was particularly true for anything over $1,500,000. There are fewer buyers in the market than there were pre COVID, so why haven't prices plummeted? The reason is that there are fewer listings on the market as well. With interest rates at an all time low, below 3% in many cases, sellers are refinancing and staying in their homes at a reduced cost. This has really kept active listings at a low. So in short, the demand is still higher than the supply. With interest rates so low we are also seeing more first time buyers enter the market. Over 50% of the deals happening are from first time buyers! Prices are holding stable and we are even seeing multiple offers on homes priced below $1,500,000.
If you are lucky enough to be employed, now is a great time to find a home. Interest rates are incredible. Yes, there are still low down payment programs. Some will qualify for $0 down, most will qualify for 3.5% down, and of course 5% and 10% and 20% are all options. There are less multiple offers than there was before COVID making it easier to get your offer accepted.
With prices stable and at a high, it's also a good time to sell. There are enough buyers out there to get your home sold at a fair price. Open houses are not allowed, so your agent will be showing your home by appointment only, making sure the buyer is pre approved before showing, and sending the buyer a video of your home to make sure it's right for them before showing as well. And when your home is shown in person, the agent will open windows and doors prior to the appointment keeping fresh air flowing, wear a mask and wipe down anything that was touched.
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Recent online review!
The Collective Realty in
Los Angeles Wins Best L.A. Real Estate Agency for the Third Time
LOS ANGELES - February 6, 2020 / Anthony Vulin's real estate firm, The Collective, has won Best LA Real Estate Agency for the third consecutive year. The award was presented at Blade Magazine's Best of LA Awards.
Three consecutive wins for The Collective is a huge reason to celebrate for L.A.'s hippest boutique real estate firm. Owner Anthony Vulin said, "I'm like a proud Dad. My agents work so hard making sure our clients are treated like family." The secret to their success is found in the 60 agents who work in the greater Los Angeles area. Their main goal is world class customer service for their real estate clients.
"We don't just sell houses we are constantly volunteering in our communities, trying to improve them "say Christopher Wookey, an agent at the collective.
In addition to the high level of customer service, The Collective is also very involved in the community, volunteering, and offering free real estate seminars for first time home buyers. For more information on the free seminars The Collective presents visit www.LAHomeBuyerSeminar.com and www.LAMULTIFAMILYMEETUP.com.
The Best of LA Awards is Blade Magazines' signature event. The winners of each category have been chosen by Blade Magazine readers. "I want to thank all the Blade Magazine readers who voted for us. We appreciate all the support from our community," said Vulin. The Best of LA Awards bring together notable businesses in entertainment, non-profit, LGBT, political, and social areas to celebrate their accomplishments and be recognized by their community.