CNN Money reported that we are seeing the biggest spike in home prices since the bubble (here’s the article: http://money.cnn.com/2013/03/26/news/economy/housing-recovery/index.html?section=money_realestate).
To be fair, CNN calls it the “Biggest home price rise,” but if you’ve read anything that I’ve written of late, I prefer to call it a spike because I think it’s a situational rise brought on by two things: low (or no) inventory and low interest rates.
If you are looking for a home on LA’s westside you are experiencing this phenomenon first hand (and either you are celebrating a victory of finally getting a home in this market, or nursing the wounds of yet another crushing defeat in the multiple offer atmosphere). I’ll be posting how I help my buyer clients win at multiple offers (and how I suggest sellers should evaluate offers that they receive) later this week, but here’s what I’d like you take away for now:
If you are thinking of selling, stop thinking and just do it!*
Yes it is possible that the market may go up more in the near future, but it’s also possible it won’t. As sellers “catch on” and more inventory comes on the market, buyers will feel that they have more choices, demand will decrease and prices will begin to settle (or even, gasp, retreat).
Buyer, seller, economist or palm reading psychic, call me and let’s talk!
*Apologies to Nike.