The real estate trends in West Los Angeles are always changing. From the year 2000 to 2016, the median home price rose from $542,000 to $839,000. This year the homes average more than a million dollars. That’s a lot of growth and it can leave homeowners and homebuyers wondering what the market will do next. The big question is whether we’re in a seller’s or a buyers’ market, so here are some insights:
More People Are Renovating and Using Cleaning Services Instead of Selling
If you are thinking about selling your home in 2022, but don’t want to deal with the hassle of all the paperwork and hassle, consider renovating instead. Renovations can be done on your own time and in stages. This means that if you have a busy schedule or other obligations, like caring for children or elderly parents, there’s no need to worry about taking time off work to get the renovations done right away. Cleaning up your property, including getting attic cleaning services, HVAC cleaning services, and sprucing up the landscaping can make your home more appealing to stay in.
Rising Prices and Limited Inventory
Prices are still going up even though the market is slowing down a little bit due to the changes in interest rates. If you still want to buy in West Los Angeles, it’s still a good time to do it. Even though interest rates are higher, the value of homes does not appear to be going down. Most buyers will be choosing between homes that have been on the market for at least 30 days, which means there are fewer options available as time goes on. This limited inventory does mean that many sellers feel like they have the upper hand, but buyers can still negotiate great real estate deals.
Homes Are Smaller Than Ever
As the average size of homes in the US is shrinking, so too is that of West Los Angeles. West LA’s average home size has shrunk from 1,500 square feet to 1,400 in 2022. In other words: homes are getting smaller. This makes homes much more energy efficient and these new homes are often designed to be more multipurpose, but it also means that people have less space.
Working From Home Is Continuing to Rise
Working from home is becoming increasingly popular. The flexibility and freedom it offers are unparalleled, so it’s no surprise that more and more people are choosing to do so. There is a huge benefit, especially for people who want to avoid the hectic traffic in LA. Others enjoy it so that they don’t have to get dressed up in an uncomfortable suit and commute for hours each day.
People Want More Space
While on the one hand homes are getting smaller, on the other hand, people want more space. Whether that space is inside the home or in the size of the property, it’s hard to find something that’s perfect. Many homebuyers end up compromising on their list in order to get into certain neighborhoods or closer to their workplaces.
So far, in 2022, people have been upsizing more than downsizing. Whether it’s going from an apartment to a little house with 3 bedrooms, people want space for their kids and pets indoors and out. Big kitchens are still important as are multiple bathrooms. Most people want at least a secondary half bath to ensure there is always a toilet open if needed.
Additionally, many homeowners are looking for extra space so that they can grow fresh fruits and vegetables on their own property or maintain an herb garden indoors during colder months. And because of the work-from-home trend, many people want a space for a home office.
It’s Still a Seller’s Market in West Los Angeles
Most experts would agree that West Los Angeles has been a seller’s market for years. This means that there are very few homes on the market and they’re selling quickly. It also means that buyers are getting multiple bids on homes and usually end up paying more than the asking price. While sellers may have the upper hand, homeowners do have options for buying. It’s important to create a list of wants and needs to ensure you get just the right home. Whether it’s a new condo or a small home with a little fenced-in yard, LA still has options nearby.