West Hills Real Estate: How Supply and Demand Can Impact Your Home Selling and Buying Goals
In today’s National, regional, and West Hills real estate housing market, there are far more buyers looking for homes than sellers listing their houses. Based on the concept of supply and demand, this means home prices will naturally rise. Why is that? When there are more people trying to buy an item than there are making that item available for sale, that drives prices up. And that’s exactly the case in today’s housing market. So, knowing what’s happening with the inventory of homes for sale and the demand for housing is crucial for today’s buyers and sellers.
Nationally, Demand Is High and Supply Is Very Low
The latest buyer and seller activity data from the National Association of Realtors (NAR) indicates buyer traffic heavily outweighs seller traffic today, as shown in the maps below. There are far darker blues (strong buyer activity) on the left and much lighter blues (weak seller activity) on the right. In other words, this shows how the demand for homes is significantly greater than what’s available to purchase.
What Does This Mean if You’re a Seller?
Supply is struggling to keep pace with demand. In fact, the inventory of homes for sale in West Hills recently hit an all-time low. That gives you an incredible advantage when you sell your house. With so few listings, it’s likely more potential buyers will view your house – especially if you work with an agent to price it right. That means there’s a high chance you’ll receive multiple offers or buyers will enter a bidding war for your house. And that dynamic can drive the sale price of West Hills real estate – and your home – up.
What Does This Mean if You’re a Buyer?
As a buyer with fewer options available, you’re likely to see more competition, so you need to be strategic to win. First, make sure you have a trusted professional on your side. Your real estate agent will help you understand the local West Hills market and work with you to act quickly when the time is right. Even when it’s challenging to find a home in West Hills, you can still succeed as a buyer today if you have a trusted advisor on your side every step of the way.
Whether you’re a homebuyer, seller, or both, knowledge truly is power. Let’s connect today so you can better understand what’s happening in your local real estate market, like West Hills, and achieve your home buying and selling goals this year.
Tips for Single Homebuyers: How to Make Your Dream a Reality
If you’re living on your own and looking to buy a home, know that you can make your dream a reality with thoughtful planning and the right team of experts. Research from Freddie Mac shows 28% of all households (36.1 million) are sole-person,and that number is growing. Over the past 40 years, the number of sole-person households has nearly doubled, and that’s a trend that’s expected to continue. According to Freddie Mac:
“Our calculation suggests that there will be an additional 5 million sole-person households in the United States by the next decade. This means 42% of the household growth will be contributed by sole-person households, . . .”
If you fall into this category, here are three tips to help you achieve your homeownership goals.
1. Know Your Credit Score
When you buy a home on your own, you have to qualify for your loan based solely on your own finances and credit history. Investopedia says:
“. . . lenders will be looking at just one credit profile: yours. Needless to say, it has to be in great shape. It is always a good idea to review your credit report beforehand, and this is especially true of solo buyers.”
It’s important to find out your score so you know where it falls. If you’re not sure if it’s strong enough or where to focus your energy to improve it, meet with a professional for expert advice on your individual situation.
2. Explore Down Payment Options
Next, look into down payment programs so you can get a feel for what you’ll need to save to buy a home. Rob Chrane, CEO of Down Payment Resource, explains:
“Buyers should discuss their program options with their loan officer and real estate agent to make sure they choose the program best suited to their personal needs.”
In this step, lean on the pros to determine what you’re eligible for and what’s right for you.
3. Think About Your Future Home and Your Needs
You should also spend time thinking about what you want. What type of home do you picture yourself in? To answer that question, Quicken Loans shares this advice:
“Think about your lifestyle, what you want out of your home and your needs. Is being close to work important? Do you need a lot of yard space? Do you want an extra bedroom that you can transform into a home office? Condo or detached home? Lots of space for entertaining? It’s all up to you (and your budget).”
Again, a professional can help you balance what you want and how much you should spend on your monthly housing costs to determine what type of home is right for you.
While buying a home solo can feel like a big challenge, it doesn’t have to be. If you lean on the professionals, they can help you navigate these waters and make sure you’re able to take advantage of the great opportunities in today’s housing market (like low, competitive mortgage rates) to buy your dream home.
The share of sole-person households is growing. If you are wanting to buy a home on your own, be confident that the dream is achievable. When you’re ready to begin your search, let’s connect so you have expert advice each step of the way.
If you are thinking about selling, buying, or refinancing a home this year, there are opportunities for you to take that next step. When you rely on a trusted professional for information and allow me to be your guide, you can make the best decisions for you and your family. Let’s connect to explore your opportunities.
For more articles like this, visit https://www.chasitylousteau.com.
Article content courtesy of Keeping Current Matters.
Chasity Lousteau is a licensed Real Estate Broker and Mortgage Loan Originator based at Huntington Group. She provides residential real estate services to homeowners and home buyers in the West San Fernando Valley cities of West Hills, Woodland Hills, Topanga, Calabasas, Bell Canyon, Canoga Park, Chatsworth, Hidden Hills, and surrounding areas throughout Los Angeles and Ventura Counties. She also provides residential home loan financing throughout California. CA Dept of Real Estate Broker, Lic #01765025. Mortgage Loan Originator, NMLS #236646.
Huntington Group is a registered DBA of Masterman Roche Inc, which is licensed by the CA Dept of Real Estate, Lic #01180575 NMLS #359061. Main office: 305 Pasadena Ave, South Pasadena, CA 91030. SFV branch: 17337 Ventura Blvd #300, Encino, CA 91316.