Market Conditions in 91401>Question Details

Johanna, Other/Just Looking in Studio City, CA

what are the market conditions for 91401?

Asked by Johanna, Studio City, CA Thu Mar 15, 2012

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0 votes Thank Flag Link Wed Oct 24, 2012
We are not bouncing at the bottom anymore. We are bouncing back. As a buyer's agent mostly, I am having trouble finding properties for my clients. Lack of inventory at this point in the summer.
0 votes Thank Flag Link Sun Jun 24, 2012
I have a blog on Trulia that every January takes a look at what is happening in the market. You should take a look. Basically, we are bouncing on the bottom. There are forces pushing the market higher and lower. The big question is, which forces are going to prevail. Yes, inventory is low. Yes, interest rates are at an all time low. Yes, prices are low. However, that being said, banks are sitting on a lot of inventory and there is more to come. The so called "funny loans" will keep resetting through the middle of next year. So, expect something of an evening of pressure on the market.

There is a saying that those who do not learn from history are destined to repeat it. This seems to be true of our housing market. The 90's had this kind of drop, albeit for different reasons. It took about 5 years before real substantial gains were seen. The peak of our market was in 2008 and so, coinciding with the reset of those adjustable rate mortgages in 2013, we should see the market start to see real recovery in the second half of 2013.

Now, there are some zip codes that will not follow the norm. I do not think that 91401 is one of them. They recently included parts of Van Nuys in Sherman Oaks. So this should, expectedly, cause a softening in your market.

One other point to mention, the LA Business Journal shows that most zip codes sell houses within 93% of list price. What does that mean. It means that sellers, including banks, are more in tune with the price of the asset they are selling. So, if you are looking for a steal, don't bet on it. If you are looking to sell, you need to find an agent that will market the property in a way that will maximize your chances of getting a buyer that will pay closer than 93% of list price for it. And, if that agent knows what they are doing, they will suggest a price that is in line with the market.

Please call or email me if you have any more questions. I will be happy to help.

Tommy Lee
DRE #01723594 SFC (Short Sale & Foreclosure Certified)
Premier Service® Professional
говорю порусскии
0 votes Thank Flag Link Thu Mar 15, 2012
The low inventory makes for lots of interested buyers on good homes for sale. If you're looking to sell, you could end up with multiple offers. If you're looking to buy, it's never been more affordable. You just have to be ready to pull the trigger and be pre-approved for a loan in order to act quickly on a great home once you find it. I can set up searches where you can get alerts as soon as something comes on the market that you're looking for so you can be among the first to see it. Let me know if you want any help!
0 votes Thank Flag Link Thu Mar 15, 2012

What a great question , please visit the link below for the answer.

Neil Singerman
Keller Williams Realty Westside
DRE 01097970
0 votes Thank Flag Link Thu Mar 15, 2012

There seems to be a bit more activity at this time as buyers are wanting to make purchases before rates go up. This is an excellent time to place a property on the market, because buyers don't have a lot to choose from, and 91401 is considered very desirable. I would be happy to answer any questions you might have. I live and work in Sherman Oaks and am very familiar with this area.

Have a great day!

Jill Dowell
John Aaroe Group
14242 Ventura Blvd., #100
Sherman Oaks, CA 91423
(818) 809-8700
0 votes Thank Flag Link Thu Mar 15, 2012
Hi Johanna - do you mean the Valley Glen part of 91401 or the Sherman Oaks part? I live in the Sherman Oaks side of 91401 and I work in both area, and would be happy to answer any questions you have. Right now the area is doing really well and there's a low inventory so new listings are getting a lot of attention and sell quickly if priced right, out the gate.
Feel free to call or e-mail me anytime!
Jennifer NIman
DRE #00965903
Prudential CA Realty, Sh Oaks
0 votes Thank Flag Link Thu Mar 15, 2012
Hi Jennifer,
thank you for the quick response. the Sherman Oaks side of the 91401. An appraisal was completed in June of last year then a recert was done in November both reports stated that the property was located in a stable neighborhood. We need a new recert of value now and lender is requesting a FULL appraisal because the neighborhood had declined in value and I that I don't understand.
Flag Thu Mar 15, 2012
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